As if low interest rates and low home prices weren't enough to motivate homebuyers to purchase a home in today's real estate market. Now the California Association of Realtors have designed a new program called the Housing Affordability Fund Mortgage Program that goes into effect, April 2nd, 2009.
The program was designed to give homebuyers that are concerned about a job loss due to being laid off, the confidence to purchase a home. Eligible candidates would receive up to $1500 per month for up to six months for their mortgage payments with this unique program.
Yes, there are the rules to qualifying for the program. You must be a first time home buyer and purchase a home in California with a California Realtor. You must also open your escrow on April 2nd or later, but you have to close escrow no later than December 31st, 2009. Unfortunately, the program only applies to those home buyers who are W-2 employs, so self-employed and military persons do now qualify.
The great think about this program is that it's absolutely free! About 3000 families with benefit from the states new program
For more information about the Housing Affordability Fund Mortgage Program or for an application, click on the link below.