Mortgage Protection Fund Perfect for Buyers Looking at San Diego Foreclosures
Participating in the C.A.R. Housing Affordability Fund Mortgage Protection Program is perfect for first time home buyers looking at San Diego foreclosures because although San Diego has one of the most stable job markets in the state, first time home buyers remain cautious about entering the market. With unemployment at 9.3%, well under the state average, buyers should be comfortable shopping now and there are plenty of San Diego bank homes that qualify for this program. With the protection of the Housing Affordability Fund, there is no reason not to buy now, taking advantage of historic low interest rates and prices that may never be seen again.
How to Qualify for the Mortgage Protection Fund
To qualify for the C.A.R. Housing Affordability Fund Mortgage Protection Program you must:
Be a first time home buyer or someone who has not owned a home in the past three years
Open escrow after April 2, 2009 and close escrow before December 31, 2009
Be an employee who receives W-2s, not self-employed or stated income.
It is estimated that up to 3,000 families will benefit from this program, according to the C.A.R., who has placed $1 million into the fund. Even co-borrowers are eligible to participate, so if your spouse is laid off, they can receive up to $750 per month. With today's low prices on San Diego County foreclosures, this can go a long way toward meeting the mortgage obligations of the average family.
For information on how you can find the San Diego County bank owned home that is right for you, and take advantage of the C.A.R. Housing Affordability Fund Mortgage Protection Program, contact Richard Elias today at 1-800-474-1919. He will schedule a personalized showing of the both best San Diego short sales and foreclosures and offers expert help in locating the most up to date San Diego County foreclosure listings that meet all your needs.
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About this Page: The California Association of Realtors (C.A.R.) has developed a mortgage protection program that helps first time home buyers by paying up to $1,500 a month should the buyer lose their job due to layoff. Richard Elias explains how the program works.
Mortgage Protection Program Makes House Payments for Buyers Who Are Laid Off
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