REALTOR® Magazine-Daily News-California Association Offers Mortgage Protection

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Daily Real Estate News | April 7, 2009 | California Association Offers Mortgage Protection
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)

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