January 25, 2010

California Mortgage Protection Plan

Posted to Kathy Mardiros, Real Estate Tips

The California Association of Realtors Housing Affordability Fund Mortgage Protection Program is designed to help California first time home buyers in the event that they lose their job. Eligible homebuyers may receive up to $1500 per month for up to six months to help them with their mortgage payment. Qualified co-borrowers may also be eligible for up to $750 per month for up to six months.

There are several qualification criteria which can be summarized as: The applicant must

Be a first time buyer – someone who has not owned in the last three years (includes the co-borrower)
Have opened escrow after April 2, 2009 and close before December 31, 2010
Have used a California REALTOR® for the transaction
Purchase a property in California
Be a W-2 employee (not self employed).

With the first time home buyer tax credit available as well, now is a great time to buy a property. If you would like a referral to a real estate agent, give me a call at 925-287-0550 or email me at kmardiros@legacyrealestateassociates.com.

Posted by:Kathy Mardiros