Realtors’ Mortgage Protection Plan

SOUTH SAN FRANCISCO, CA - MAY 04:  A sold sign...
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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…

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