Realtors’ Mortgage Protection Plan

SOUTH SAN FRANCISCO, CA - MAY 04:  A sold sign...
Image by Getty Images via Daylife

You’ve probably seen the ads on TV from Hyundai and other auto makers offering to make your payment if you buy a new car and then lose your job…That seems like a pretty good deal.  Now,  California Realtors are making you an even better offer: buy a home in California using a Realtor, of course, and you’ll be eligible to receive up to $1500 per month for 6 months if you lose your job…

What’s not to like? With Obama’s incentives for first-time buyers and various city and country programs available, it seems crazy NOT  to buy a home in 2009.

Here’s how the California Association of Realtors’  [CAR] plan works. CAR membership dues pay into the Housing Affordibilty Fund which will support the program.  CAR estimates the program will have $1,000,000 and will help 3000 families. Through this program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive the payout. And, the program also supports coverage fro accidental disability and a $10,000 death benefit.

To be eligible for ths program, here’s how you qualify: ·

  • 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 beforeDec. 31, 2009
  • Use a California REALTOR® in the transaction
  • Purchase the property in California
  • Be a W-2 employee (cannot be self-employed)

For more information about the program or to get an application, call Diane at 626-641-0346…

Reblog this post [with Zemanta]

First-Time Home Buyers: Help from City of Pasadena

beautiful-building-of-city-hall-in-pasadena-ca-s

In previous posts, I’ve discussed federal help for first-time home buyers. First-time buyer means anyone who has not purchased a home in the past 3 years.

All financial aid programs have financial limits, but  a variety of  LOCAL programs are available for low-income first-time home buyers.These programs are offered in many Los Angeles, San Bernardino and Orange County cities. These counties also all have programs to aid first-time home buyers.

In this area, the City of Pasadena has a program for buyers under certain income limits. And, buyers who meet these limits can receive up to $200,000 on a home price of up  to $425,000! That’s terrific! Here’s the chart:

Family size 1

$50,300

Family size 2

$57,400

Family size 3

$64,600

Family size 4

$71,800

Family size 5

$77,500

Family size 6

$83,300

At the moment, the City of Pasadena’s program, like most of the other ones offered, is OUT OF MONEY. Beginning in the new fiscal year, July 1, City of Pasadena program and several others in our area will be funded again.

Right now, I am gathering a list of buyers so we can prepare and be ready with a property set to go as soon as the program funds again. Working closely with a local lender who specializes in these programs, I plan to help my clients be among those who benefit from these plans BEFORE THE MONEY RUNS OUT.  The money does run on fairly quickly, so, if you think you might qualify, call now!!

Call me to get on the list of buyers. Call me for info about programs in other cities and other counties.

Reblog this post [with Zemanta]