FIRST TIME BUYERS, CHECK OUT THIS IMPORTANT INFORMATION. Thanks for sharing Christine!
You want to buy your first home. You know it's a good time with interest rates so low and price values down so much, but you're concerned. The economy's tough; the job market's tough. You want to buy, but maybe you shouldn't. . .
Would you be more interested in purchasing your first home if you knew that your job was safe and that a lay off wouldn't cost you your home?
Well, it may not be a crystal ball, but the California Association of Realtors (CAR) has come up with a program that runs a close second.
On April 2nd, CAR will be announcing the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP). Under this program, first time buyers who open escrow after April 2, 2009 and close escrow by December 31, 2009, may be eligible for up to $1,500 per month towards payment of their mortgage for up to six months if they are laid off.
$1 million dollars has been dedicated to this program for this year.
To qualify for this program you must:
- Be a first time buyer - someone who has not owned a home in the last 3 years
- Open escrow after 4/2/09 and close by 12/31/09.
- Use a California Realtor in your transaction.
- Purchase property in California.
- Be a W-2 employee - military and self-employed do not qualify.
There is no cost to the buyer to participate in the program.
In a time when median Orange County values are down 38%, interest rates are lower than they've been in 30 years, and the Federal Government is offering an $8,000 tax credit to first time buyers, this should be just the crystal ball you need to have the peace of mind to buy your first home.
Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!
***************************************************************************About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.
Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
Click Orange County homes for saleto view all OC homes for sale. Copyright © 2009 by Christine Donovan, All Rights Reserved. New Program for First Time Buyers in California Pays Mortgage if You're Laid Off
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Great info for first time buyers.
Mark Rawls with Myers Park Mortgage in Charlotte told me about a similar program. It sounds like it will work great.
Kat, what great info for your California buyers. I love this re-blogging stuff!
Wendy; I agree. And hopefully it'll make some buyers relax a little...
Kat
This is a great idea and plan, it should make lots of first time buyers feel at ease.
Tom