Federal Mortgage Relief Plan "Making Home Affordable"
President Barack Obama's new mortgage relief plan aims to help up to 9 million borrowers qualify for more affordable mortgages and stay in their homes. Obama's "Making Home Affordable" program is designed to work with lenders to modify the loan terms for up to 4 million homeowners and to refinance up to 5 million homeowners into more affordable fixed-rate loans.
California Association of REALTORS Protection Plan
The California Association of REALTORS® Housing Affordability Fund ("CARHAF") has created the Mortgage Protection Program. This program provides a combination of involuntary unemployment, accidental disability and accidental death protection for qualified first-time home buyers. This program helps build confidence in the purchase of a home and to reduce the fear of foreclosure in the event of a job loss or accidental death or disability. CARHAF has committed $1 million to provide this program to qualified home buyers.
First Time Home Buyer Tax Credit
A tax-credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principle residence on or after January 1, 2009 and before April 30, 2010. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.
Top Reasons Why Now is the Best Time to Buy!
Home Ownership Is Now More Affordable! Since home prices have dropped, many people are now finding that buying a home may be a better deal then paying rent. We came up with a few representative scenarios for you to compare with your personal circumstances.