Mortgage Protection Insurance Program
The Housing Affordability Fund with the California Association of Realtors launched a new program on April 2, 2009 to provide emotional and monetary security to first time home buyers. This fund allows qualifying buyers insurance coverage for their mortgage payments in the event of a job loss. If you purchase a property beginning on April 2, 2009 and closing on or before December 31, 2009 and meet the eligibility requirements you can apply for coverage.
There are a maximum of two types of insurance policies. The first will be for $1500 in monthly insurance proceed and the second policy if for $750 in monthly insurance proceeds. A buyer can only apply for one of the policies and if there are two buyers on one home each can apply for one of the policies to receive them both. If the funds are received they must be applied to the mortgage payments and if monies are left over then the balance can be applied to other home-related payments.
What are the qualifications? The breakdown with changes to the program as of August are…
- Buyer (s) must be a first time homebuyer purchasing a residential home in California (someone who has not owned property in the last three years).
- Buyer (s) must have been represented by a California REALTOR (an agent who is a member and is upheld to the ethical guidelines of C.A.R and N.A.R)
- Buyer (s) have not owned other real property during the escrow period.
- Buyer (s) cannot have previously received insurance from H.A.F and must met the eligibility requirements. (link)
- Buyer (s) must be a W-2 employee
An upcoming free webinar is being held on September 29 to explain the program in detail and address questions. Sign up at https://www2.gotomeeting.com/register/456080227
For an application to the program visit http://www.car.org/aboutus/hafmainpage/carhafmortgageprotection/
Recent Comments