Want a Little Extra Piece of Mind to Buy in 2009?

In an effort to give first time home buyers extra piece of mind for first time home buyers who are hesitant to enter the housing market for fears of potential job loss, the California Association of Realtors®’ Housing Affordability Fund launched a mortgage protection plan.

Santa Clara and San Mate County first time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month for six months to help make their mortgage payments. Co-borrowers can also participate and receive up to $750 per month for up to six months.

Who is Eligible?

To be eligible for this program you must:

• Be a California first time home buyer – someone who hasn’t owned a home in the last three years
  
• Open an escrow April 2, 2009 or after and close on or before December 31, 2009
  
• Use a California REALTOR® (like us!) in the transaction
  
• Purchase the property in California
  
• Be a W-2 employee (cannot be self employed)
  
• Qualify for the Insurance Policy
  

How Much Does it Cost?

This program is absolutely free to the home buyer for one year. The insurance premium is prepaid.

How Do I Apply?

Your California REALTOR® must submit the signed application on your behalf.

Are there Income Requirements?

No. There are no income or home price caps under this program.

Do I Have to Use the Money to Pay the Mortgage?

Yes. You have to first use the money to pay the mortgage. With any leftover money, you can use it however you deem fit.

Have More Questions?

If you have any further questions about this program or how you can take advantage of this program, please contact us today.

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