THE MORTGAGE PROTECTION PROGRAM EXPIRES JUNE 30, 2010
Due to the popularity of this program, the qualifying period has been extended to June 30, 2010 or until allocated funds have depleted, whichever occurs first.
On April 2, 2009 the Housing Affordability Fund 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. Qualifying buyers can receive up to $1,500 a month for up to six months in the event of job loss, a qualified co-buyer can also receive a $750 benefit for up to six months to help pay the mortgage.
Funding for this program was made possible by the generous contributions of REALTORS® and supporters of the Housing Affordability Fund. Contributions to the Housing Affordability Fund
are tax-deductible. To show your support of this and other programs developed by H.A.F.,
click here to make your charitable contribution.
TO QUALIFY FOR THE MORTGAGE PROTECTION PROGRAM APPLICANTS MUST:
· Be a first-time home buyer – someone who has not owned property in the last three
years. (includes co-buyer).
· Open escrow April 2, 2009, or later, and close on or before June 30, 2010
(purchase agreement cannot be dated before April 2, 2009)
· Use a California REALTOR® in the transaction (fee for referral does not qualify)
· Be a W-2 employee (cannot be self-employed)
· Purchase the property in California
To qualify for the program applications must be received within 30 days of closing escrow
Contact me for more information on this program and other mortgage protection programs.
Wednesday, March 17, 2010
Thursday, March 11, 2010
Nab a real estate deal – while you still can
The combination of affordable home prices, low interest rates, and the federal tax credit for home buyers have created an opportune time for many buyers to purchase a home. Many real estate analysts also believe that most housing markets have stabilized, but that some markets may decline further.
KEEP THIS IN MIND
• Buyers should keep in mind that housing markets are local and can vary greatly from one neighborhood to the next. Working with a REALTOR® familiar with the area in which the buyer is searching can help the buyer select a house that best suits their needs.
• California’s housing market has shown signs of stabilization since early last year. Sales of existing, single-family homes bottomed out in August 2007, and the median home price reached its trough in February 2009. In January, California’s median home price was 17.2 percent above the low for the current cycle.
• The federal tax credit for home buyers was extended and expanded late last year. Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30, 2010. Repeat buyers may be eligible for a tax credit of up to $6,500. Visit http://www.irs.gov/newsroom/article/0,,id=187935,00.html for more information about the federal tax credit for home buyers, including eligibility requirements.
• The Federal Reserve has helped maintain low interest rates, which, in turn, has assisted home buyers. However, the agency plans to stop purchasing mortgage-backed securities at the end of this month, which likely will increase rates on 30-year fixed mortgages. Buyers may be able to lock in a low interest rate by working with their lender.
To read the full story, please click here:
http://money.cnn.com/2010/03/02/real_estate/real_estate_deals.moneymag/index.htm
March
The combination of affordable home prices, low interest rates, and the federal tax credit for home buyers have created an opportune time for many buyers to purchase a home. Many real estate analysts also believe that most housing markets have stabilized, but that some markets may decline further.
KEEP THIS IN MIND
• Buyers should keep in mind that housing markets are local and can vary greatly from one neighborhood to the next. Working with a REALTOR® familiar with the area in which the buyer is searching can help the buyer select a house that best suits their needs.
• California’s housing market has shown signs of stabilization since early last year. Sales of existing, single-family homes bottomed out in August 2007, and the median home price reached its trough in February 2009. In January, California’s median home price was 17.2 percent above the low for the current cycle.
• The federal tax credit for home buyers was extended and expanded late last year. Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30, 2010. Repeat buyers may be eligible for a tax credit of up to $6,500. Visit http://www.irs.gov/newsroom/article/0,,id=187935,00.html for more information about the federal tax credit for home buyers, including eligibility requirements.
• The Federal Reserve has helped maintain low interest rates, which, in turn, has assisted home buyers. However, the agency plans to stop purchasing mortgage-backed securities at the end of this month, which likely will increase rates on 30-year fixed mortgages. Buyers may be able to lock in a low interest rate by working with their lender.
To read the full story, please click here:
http://money.cnn.com/2010/03/02/real_estate/real_estate_deals.moneymag/index.htm
March
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