Mortgage Protection for Silicon Valley homebuyers

The California Association of REALTORS has decided to extend this offer to 2010 and while the media continues to announce the Federal tax credit I am concerned that message is not getting out to everyone. Most buyers are unaware of this great program for first time homebuyers and have not registered themselves for this complementary program.

I have even talked to REALTORS who are unaware of this program and should be advocates for this piece of mind. The program is available to all first time homebuyers who used a REALTOR and are member of the California Association of REALTORS.

If you already closed escrow you can still take advantage of this program by filling out the application and including a copy of your purchase contract and HUD 1 final closing statement.

Whats the benefit you say?

Through the C.A.R. Housing Affordability Fund’s Mortgage Protection Program, 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. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months.

Who Qualifies?

• 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 (includes co-buyer).
• Open escrow April 2, 2009, or later, and close on or before December 31, 2010 (purchase agreement cannot be dated before April 2, 2009)

• Use a California REALTOR® in the transaction (fee for referral does not qualify)

• Purchase the property in California

• Be a W-2 employee (cannot be self-employed)

Fill it out sign it, have your REALTOR sign it and mail it. It’s as simple as that. Don’t forget to add this to your list when you close escrow.

http://www.car.org/members/hafmainpage/carhafmortgageprotection/