Literally, as we go to press, C.A.R.’s Housing Affordability
Fund is unveiling a Mortgage Protection Program, which is designed to restore
confidence and assist as many as 3,000 first-time homeowners who purchase a
home between April 2, 2009, and Dec. 31, 2009.
This new program will remove the nagging “what if” scenarios that a FICO score
of 850 cannot shield buyers from: job loss, disability, or death of the buyer
or co-buyer. If a job loss, or worse, does occur, your clients will remember
you, their REALTOR®, as the individual that helped them remain in and safeguard
their home.
C.A.R.H.A.F. has committed $1 million to support this effort. Your first-time
buyers who enroll in the program can draw upon their mortgage protection policy
in the event they lose their job after purchasing their home. Under the
program, eligible first-time buyers will be able to receive $1,500 per month
for six months in the event of a job loss; co-buyers are eligible to receive
$750 per month. In the event of the death of the insured, the policy will
provide a $10,000 death benefit.
To be eligible for coverage, the home must be a principal residence in
California and a first-time buyer is defined as someone who has not purchased a
home in the past three years. While there are no caps on the applicant’s income
or the purchase price of the home, the applicants are required to use a
California REALTOR® in their transaction; they cannot be self-employed or over
age 70. Consumers can apply for the program via their REALTOR®; more
information is available on the C.A.R. Web site (www.carhaf.org
). In addition, C.A.R. will promote this program at
the Southern California Home Buyer’s
Fair, an April 18 and 19 event sponsored by
the Los Angeles Times and C.A.R., where an anticipated 7,000 prospective
buyers will learn about the home-buying process and the opportunities in
today’s market.
Finally, C.A.R. is launching its 2009 Consumer Ad Campaign on April 20. The
2009 Consumer Ad Campaign builds on the momentum of the previous two “Your
Piece of California” campaigns, but this year marks the first time that the
Consumer Ad Campaign will appear on cable television outlets. The radio and
television spots will highlight the value REALTORS® bring to the transaction
and search engine marketing on Yahoo! and Google will direct consumers to an
updated microsite, www.yourpieceofcalifornia.com
. This campaign will again include Spanish-language
radio ads and a Spanish-language microsite: www.lallavedetutranquilidad.com
.
Stay tuned for these ad spots and more programs that put you in front of
consumers.
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