Buying a home, especially your first is very exciting! It can also be someone worrisome, especially in today’s financial environment. Although the employment market here in the Roseville area is much more stable than other parts of California it is still a concern. Making that mortgage payment would prove difficult if we lose our job due to layoffs that are somewhat more common in today’s real world.
In an effort to help turn the housing market around in California and, to ease the minds of first time home buyers considering buying their first home, the California Association Of Realtors Housing Affordability Fund is offering a new mortgage protection program to first time home buyers. Through this new program ,first time buyers who lose their jobs due to layoffs can receive up to $1,500 a month to help make their mortgage payments. The co-borrower (husband, wife, etc) can also get up to $750 if both borrowers lose their job due to layoffs for a total of $2,250 a month if the worst scenario happened. These benefits are payable for up to six months. The C.A.R. fund also includes accidental disability coverage and a $10,000 death benefit, putting the concerns of first time buyers in the market minds at ease.
All sounds good, right? Well it really is. Better yet it costs first time buyers NOTHING! That’s right, not a penny. By working with a member of the California Association of Realtors when you buy your home you get this coverage for free. I work with a number of great Realtors here in Roseville and Sacramento I can put you in touch with. Just let me know. For more detailed information on the program see their website here.
Till next time!
~Greg – The Roseville Home and Loan Expert