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New Layoff Protection Plan Coming For First-Time Homebuyers
March 31st, 2009 categories: Buying
I don’t have much in the way of details just yet, but I just received an email advisory from our state association that we’ll soon (as in a matter of days) be
able to provide first-time homebuyers with a job-loss protection plan that could pay up to $1,500/mo. to qualified buyers who are laid off.
According to the information I received, to qualify you must:
- Be a first-time buyer (defined as someone who hasn’t owned a home in the past three years)
- Open escrow after April 1, 2009 and close before Dec. 31 of this year
- Use a California REALTOR® in the transaction
- Purchase the property in California
- Be a W-2 employee (cannot be self-employed or military personnel)
Apparently, there’s no cost to the participate in the program, which sounds almost too good to be true.
In addition, the program supposedly also covers co-borrowers for up to $750/mo. in job-loss benefits and even includes accidental disability coverage and a $10,000 death benefit.
Additional details of the new program should be available in the next few days. I’ll be posting a new article as soon as I have more information.
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