More Good News for 1st Time Buyers

Starting tomorrow the California Association of Realtors will start a new program to help first time buyers who are worried about the economy and not being able to make their mortgage payment if they lose their job.

The program, C.A.R. Housing Affordability Fund Mortgage Protection Program is designed to give these new homeowners some peace of mind by providing them with up to $1,500 per month for up to six months in the event of a job loss. In addition a co-buyer can participate for a reduced benefit of $750 per month for up to six months in the event of a job loss. C.A.R. is spending $1 million on the program and estimates it could benefit as many as 3,000 families in 2009.

To qualify for the program the applicant must:
· Be a first-time home buyer – someone who has not owned a home in the last three years
· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
· Use a California REALTOR® in the transaction
· Purchase the property in California
· Be a W-2 employee (cannot be self-employed or military personnel)

If you are interested in this program please let me know, I can get you more information and an application. You can reach me at (916) 290-9339 or by email at juliej@jalone.com.

By the way, there is no cost to the home buyer to participate in this program.