First Time Home Buyer Mortgage Protection Plan For Ventura County Home Buyers
- Written by Mana Tulberg
- Posted May 1, 2009 at 9:08 am
In Ventura County and the State of California first time home buyers may not only benefit from the $8000 government tax credit, but may also take advantage of the First Time Home Buyers Mortgage Protection Plan. The California Association of Realtors (CAR) has announced a mortgage protection plan for first time home buyers effective April 2, 2009.
The California Mortgage Protection Program provides first time home buyers in California up to six months of mortgage protection. The following is an announcement by the California Association of Realtors:
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 as many as 3,000 families will benefit from the program throughout 2009.
Who Is Eligible For The California Mortgage Protection Plan:
- You must be a first time home buyer. First time home buyers is defined as someone who has NOT purchased a single family home in the past 3 years.
- Your must open escrow on April 2, 2009, or later, and close escrow no later than December 31, 2009.
- You must use a California Realtor for your home purchase transaction.
- The property must be located in California.
- You must provide a W-2. You can not be self-employed or a military personal.
- Detailed information can be found at: CAR Housing Affordability Fund
Source: California Association of Realtors (CAR)
The California first time home buyer mortgage protection plan is a way for CAR to help prospective home buyers in California. With many first time home buyers apprehensive about their income stability, CAR has given these California home buyers some measure of protection and assurance against temporary job loss.
If you are looking to purchase a home in Ventura County please feel free to contact me, Mana Tulberg: (805) 443-8898.
It’s definitely great news not just for Ventura County, California, but also for the rest of America. It’s just really cool in Cali. though, ’cause it’s one of the best places right now to invest in a new home.
remember that it is best to pay less than 30% of your net monthly income toward mortgage payments each month. While you may think you can afford more, with the current state of the economy, it is best not to over-extend yourself financially.Thanks a lot blogger for such a nice post about mortgage payments .
Keep blogging
This policy is a nice but bold move with payments but helping people who have been struck off especially in this world climate is a good thing they have some help for a few months with paying for their mortgage while they are finding a new source of income to carry on paying.