A new fund established by the California Association of Realtors® gives first time buyers one more reason to make this the year to buy a home. Not only are interest rates incredibly low, after all, I’ve recently locked several loans at 4.95% and under for refinance clients. These rates are creating the opportunity to have a loan you may never want to refinance. Then there is the Federal Tax Credit up to $8000, plus the California Tax Credit of up to $10,000 . Don’t forget Fannie Maes HomePath® Program which offers Fannie Mae foreclosures with as little as 3% down. The California Association of Realtors® is offering mortgage payment protection in case of income loss for first time buyers.
Through the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), 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 reduced monthly benefit of $750 per month for up to six months in the event of a job loss. 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 to the program this year, and estimates that thousands of 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 Bernie Germani California REALTOR® in the transaction
Purchase the property in California
Be employed as a W-2 employee
To apply for the program, home buyers simply request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.
For complete information about any of these incentive programs contact me at 310-918-9102. If you are in the Los Angeles Area, I can help you with questions about all these programs.
Bernie Germani and his team professionally assist buyers, sellers and homeowners in the Lakewood/Long Beach in Los Angeles County. They have served clients in Orange, Riverside, counties. Licensed as a Real Estate Salesperson by the California Department of Real Estate.
Regards,
Bernie Germani
bernie@summitrealtygrp.com
