September 03, 2009

California Association of Realtors Insurance for First Time Home Buyers

Here is another important reason to insist that your real estate agent be a member of the California Association of Realtors AKA a Realtor^®. C.A.R. has reserved one million dollars to support a new mortgage protection program called C.A.R.’s Housing Affordability Fund or (C.A.R.H.A.F.) The National Association of Realtors has added another $420,000-an insurance program that is used when the buyer looses their job. Here is a short list of eligibility and coverage. For more info visit: www.carhaf.org or ask your Realtor^®.

First time buyers who haven’t purchased a home in the past 3 years.
The property must be a principal residence in California.
No caps on income or purchase price.
Buyers MUST use a Realtor^® in their transaction.
Buyers must NOT be self employed or over 70 years of age.
For primary buyer, the coverage is $1,500 per month for six months in the event of a job loss.
$750 per month for co-buyers in the event of a job loss.

Please note, buyers MUST apply through their Realtor^® at the time of the purchase and the deadline for this program is December 31, 2009.

Posted by:Kay Korbel