To make home buyers less skittish about purchasing a home amid concerns about job security, the California Association of REALTORS® has created a Housing Affordability Fund to provide mortgage protection.
The fund will pay buyers' mortgages for six months, up to $1,500 per month, if they become unemployed.
Eligible buyers are salaried employees who have not owned a home during the last three years, are buying properties in California between April 2 and the end of the year, and are working with a real estate pro on their transaction.
Funded by donations from REALTORS® and REALTOR® associations statewide, the program also offers $750 per month for six months to eligible co-buyers, along with a $10,000 death benefit and accidental disability coverage.
Source: American Banker, Kate Berry (04/06/09)
REALTOR® Magazine-Daily News-California Association Offers Mortgage Protection
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