Free Housing Affordability Fund Insurance

On April 2, 2009 California Association of Realtors Housing Affordability Fund (CARHAF) launched a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations.  Eligible recipients may recieve $1,500 per month if they have involuntary unemployment, dissability or accidental death policy of $10,000.

The one year insurance premium is for 6 months coverage as there is a 6 month vesting period.  To qualify for the Mortgage Protection Program, Applicants must:

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 before Dec. 31, 2009

Use a California REALTOR® in the transaction

Purchase the property in California

Be a W-2 employee (cannot be self-employed)

Application is made through a Realtor.

Rick Bonetti | 408-857-8800 | Alain Pinel Realtors | The Art and Heart of Real Estate | DRE#01237009

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