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Job Loss Protection for Home Buyers

Home buyers in the Crofton area may now get “Job Loss Protection” when they purchase some Long and Foster listings.  It’s just one component of Long and Foster’s BUY CONFIDENT Program, rolled out earlier this month to help our home seller and buyer clients deal with today’s market conditions.

Job Insecurity is the Elephant in the RoomWith interest rates at record lows and prices down significantly in the past two years, lack of buyer confidence seems to be the elephant in the room, the biggest obstacle to home ownership today.

Eligible buyers of a home offering “Job Loss Protection” could receive up to $1800/month for six months if they lose their jobs within two years of their home purchase.  (Of course, some restrictions apply.)

Paying Your Mortgage When You Lose Your Job
All “Job Loss Protection” plans are not alike so you may have some questions:

1.  Who is eligible for protection?
2.  What is the coverage period?  The benefit period?
3.  What is the enrollment process?
4.  Is it available for 2nd homes or investment properties?
5.  Is there a vesting period?  A waiting period?
6.  Are there any exclusions?
7.  How much does it cost home sellers?  Home buyers?

Contact me or any Long & Foster agent for answers these and other questions you may have about our BUY CONFIDENT program.   And you may want to read my post on this topic in the Maryland Real Estate Blog titled “What You Need to Know About Job Loss Protection When You Buy a Home.”

Home sellers, this program is a benefit for you, as well as buyers, because it gives you a competitive edge over the many other homes for sale.  A similar program was the deciding factor for my daughter last summer when she chose a mortgage lender for buying her home.  So I know this program can make a difference in the choices buyers make.

Long and Foster’s “Job Loss Protection” for home buyers is part of the Homeowner Education and Loan Protection (HELP) Program offered through the Rainy Day Foundation.

Related article in The Washington Post:  Mortgage Safety Net May Help More Buyers Take the Plunge

Images:  istockphoto.com

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