The California Association of Realtors has just announced a program which helps protect home buyers against a potential lay-off by providing FREE mortgage insurance to the buyer(s). What that means is that if you buy a home and are laid off within the first year after owning, you will be given $1,500 per month for up to 6 months. According to California officials, 6 months is approximately twice the amount of time it takes an average employee to obtain new employment. If there are two buyers and the second buyer also loses their job, the second buyer will receive an additional $750 per month. So in a worst case scenario where two buyers lose their job, they will be protected for up to $2,250 per month for up to six months.
Below are the eligibility requirements.
· You must be represented by a member of the California Association of Realtors
· You must open escrow after April 2, 2009 and closed escrow by December 31, 2009
· You must be a first time home buyer (not owned in the past 3 years)
· You must live in the home you buy
· No income limitations
· You must be a “W2” employee
· Cannot be a principle (business owner) of the business to which you are employed
· Other restriction may apply
Please contact me for further details and an application.