C.A.R. LAUNCHES MORTGAGE PROTECTION PROGRAM
It is now easier to buy a Long Beach home, beacuse there is a new safety net provided by the California Association of Realtors. In a time when people are worried about purchasing their first Long Beach home, there is safety in knowing there will be a helping hand, if needed.
To help provide first-time home buyers with peace of mind when purchasing a home, the C.A.R. Housing Affordability Fund (C.A.R.H.A.F.) is offering a new mortgage protection program to first-time home buyers.
Through the 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 up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program this year, and estimates that up to 3,000 families will benefit from the program throughout 2009.
To qualify for the Mortgage Protection Program, applicants 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)
This program is a great safety net for people that are sitting on the fence, and not buying now, when the interest rate is the best it has been for the past 50 or so years, and long Beach home prices are so affordable.
In many cases it is now cheaper to buy than to rent, and it has been a long time since we saw this happen in Southern California.
If you have saved a home search before 2009, please contact me to modify and update your home search, to reflect the lower prices we have now.
Wishing you a happy holiday,
Carmela Etgar
562-505-7117