Great news for buyers: The Mortgage Protection Program has been extended through 2010.
To continue to provide first-time home buyers with peace of mind when purchasing their first home, the CALIFORNIA ASSOCIATION OF REALTORS® Housing Affordability Fund has extended the Mortgage Protection Program (MPP) through December 2010.
Through the C.A.R. Housing Affordability Fund’s MPP, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months.
TO QUALIFY FOR THE MORTGAGE PROTECTION PROGRAM APPLICANTS MUST:
Be a first-time home buyer – someone who has not owned property in the last three years
Open escrow April 2, 2009, or later, and close on or before December 31, 2010
(purchase agreement cannot be dated before April 2, 2009)
Use a California REALTOR® in the transaction
Purchase the property in California
Be a W-2 employee (cannot be self-employed)
Housing affordability reaches 70.1 in third quarter.
Housing affordability stood at 70.1 percent nationwide in the third quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released last week.
That means more than 70% of all households in the country can afford to purchase a home. When you consider that so many families are settled in homes they purchased years ago at much lower prices, the percentage of people being able to achieve the American Dream of homeownership is even higher.
Low Interest Rates.
Interest rates have been historically low all year. Average conventional mortgage rates have hovered between 5 and 6 percent through most of 2009 and are currently below 5 percent. Interest rates can have even more impact on the actual cost of homeownership than sales prices.
Extension of first–time home buyers’ tax credit.
First time home buyer $8000 tax credit has been extended till April 30, 2010. Homebuyers who are in transactions of that date can close escrow on or before July 1, 2010 to get the tax credit. So far an estimated 1.5 million buyers who purchased homes in 2009 are expected to claim the credit and the numbers are growing because of the extension.
New Tax credit for existing homeowners.
Homeowners that have lived in their home for 5 out of the last 8 years can get a tax credit of $6,500 when they buy another home as long as it is going to be a primary residence. In other words the buyers do not have to be first time home buyers. This means, current homeowners who want a home that is larger or smaller or in a different location may be eligible for this tax credit.
Extension of higher conforming loan limits.
Congress has agreed to extend the conforming loan limit from $417,000 to $729,750 through 2010. As you probably know jumbo rates are expensive and more difficult to obtain.
If these are not enough reasons for any buyer to seriously consider buying a house NOW, I wonder what is. Please call Meena Gujral (California Realtor) at 510-279-9580 if you are looking to buy a home in Fremont, Castro Valley, Pleasanton, Dublin, or anywhere in the Alameda County or go to my website at http://www.helpusellachievers.com
Here is a link to my Five Canyons Homes blog- Five Canyons Homes.
Help-U-Sell Achievers Realty
40083 Mission Blvd, Fremont, Ca. 94539