Aug 27, 2009

California Association of Realtors Offers Job Loss Insurance

Hello Neighbors,

This is very cool.

At a time when employment is challenging - yet buying a home is absolutely the right thing to do (and timing couldn't be better), CAR is offering "First Time Buyer Insurance". I love it.

Take a look:

C.A.R.'s Housing Affordability Fund (C.A.R.H.A.F) has committed $1 million to support the Mortgage Protection Program - and the National Association of REALTOR another $420,000 - an insurance product that kicks in when the unexpected happens: job loss.

Your first-time buyers who enroll in the program can draw upon their mortgage protection policy in the event they lose their job after purchasing their home. Under the program, first-time buyers will be eligible to receive $1,500 per month for six months in the event of a job loss; co-buyers are eligible to receive $750 per month.

To be eligible for coverage, the home must be a principle resident in California and a first-time buyer is defined as someone who has not purchased a home in the past three years. While there are no caps on the applicant's income or the purchase prices of the home, the applicants are required to use a California REALTOR in their transaction; they cannot be self-employed or older than the age of 70. Consumers can apply for the program via their REALTOR.

It's new - so we haven't tried executing on the program yet... but if you want it, call me! We'll figure it out together!

Putting 2009 in the rear view mirror... Neighborly!

- Jim

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