Below you will find an article that describes the Housing Affordability Fund. It is a wonderful program that is funded by Realtors and started and administered by the California Association of Realtors. This program benefits first time home buyers
and the article describes the program and what it does. If you are a first time buyer or know someone that is this may be an excellent program to use along with your purchase of your first home.Please read on and be informed.
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 December 31, 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
I just thought it would be a good time to wish everyone a Happy Valentines Day. This special holiday gives you the opportunity to let your loved ones and your family know just how much you Love and appreciate them. We plan to have a casual and fun day most likely going to Monterey and just hanging out. We usually take the kids to a fun park there called Dennis The Menace Park. It has lots of fun stuff for the kids including an old steam train that the kids can climb allover as well as a small rock climbing wall. We will find a nice place to grab a bite to eat and that should complete a nice family day. Have fun and enjoy yourself
Now is a good time to alert you that the home buyer tax credit expires on April 30, 2010. No one knows if Congress will renew it a second time but lets hope they give it strong consideration and extend it to at least the end of this year. Expect a clash between the real estate lobby and fiscal conservatives worried about the federal deficit. To qualify for the credit, you must sign a purchase contract by April 30, 2010 and close by July 1, 2010. First-time buyers get up to $8,000. “First-time” is defined as someone who hasn’t owned a home in three years. Move-up buyers get up to $6,500 when they purchase a new primary residence. To get the credit, you have to have lived in the old home for at least five out of the last eight years. The credits start phasing out at $125,000 in adjusted gross income for singles and $225,000 for joint filers. We need to let our elected officials know that this program is an important part to the Real Estate recovery.
