A Reminder For You:
The Mortgage Protection Program is scheduled to expire December 31, 2009
C.A.R. H.A.F. Mortgage Protection Program
CHANGES TO THE MORTGAGE PROTECTION PROGRAM EFFECTIVE AUGUST 1, 2009
The Mortgage Protection Program no longer provides coverage in the event of accidental disability or a $10,000 death benefit. (Existing policies will not be affected). Program enhancements include a reduced work requirement (120 Days) that begins effective the close of escrow, so that home buyers can access the policy sooner in the event of job loss.
On April 2, 2009 the Housing Affordability Fund launched a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations.
Qualifying buyers can receive up to $1,500 a month for up to six months in the event of job loss, a qualified co-buyer can also receive a $750 benefit for up to six months to help pay the mortgage.
TO QUALIFY FOR THE MORTGAGE PROTECTION PROGRAM APPLICANTS MUST
- Be a first-time home buyer – someone who has not owned property in the last three years
- Open escrow April 2, 2009, or later, and close on or before December 31, 2009
(purchase agreement cannot be dated before April 2, 2009)
- Use a California REALTOR® in the transaction
- Purchase the property in California
- Be a W-2 employee (cannot be self-employed) Courtesy of California Association of Realtors
Contact us for a copy of the application or let us know if we can be of any further assistance,
Your Bass Lake Realty Team