H.E.L.P JOB LOSS PROTECTION:

A Brand-New Addition to the BUY CONFIDENT™ PLAN.

                                                                     Call Lynn Stewart® , 301-580-4552 for more info.

                In this uncertain market, there are a variety of factors that go into the decision

                      about whether now’s the right time to buy.

That’s why the Buy Confident™ Plan now includes HELP (Homeowner Education and Loan Protection) from the

Rainy Day Foundation. HELP offers six months of phone counseling and monthly educational e-newsletters.

The HELP program also includes Job Loss Protection, which can assist buyers with their mortgage

 payments each month, for up to $1,800 per month

for up to 6 months, in the event of involuntary employment. 

It’s available on select Long & Foster listings and paid for by the seller, and    it’s another reason to Buy Confident™.   

 It all adds up to less stress. And more confidence!

OVERVIEW ———————————————————————————————————————-

The Job Loss Protection Program will provide up to six months of mortgage payments if the borrower

(or co-borrower) becomes involuntarily unemployed.

This program provides mortgage payment coverage for up to six months during the first 24 months of the loan.

Within 30 to 45 days after a buyer moves into a new home, a packet will arrive that explains the unemployment coverage and how to handle a claim in the event of an involuntary job loss.

• Up to six months of mortgage payments

• Coverage up to $1,800 per month

• Easy enrollment process

Program Benefits

• Employed full time (minimum of 30 hours per week) at time of mortgage closing

• Vesting period is 60 days

• Cannot be self employed, an independent contractor, or active military

• Cannot own greater than 10% interest in his/her employer’s business

• Must be between the ages of 18 and 66 and reside in the U.S.

• Primary residence, secondary homes, and single unit investment properties

Eligibility Coverage Period

Twenty four (24) months from the closing date of the mortgage.

Maximum Benefit

The lesser of the actual mortgage payment (PITI) or $1,800 per month.

Benefit Period

Up to a maximum of six (6) payments during the twenty four (24) month coverage term.

Vesting Period

Sixty (60) days from mortgage closing date (if purchaser becomes unemployed during

this Vesting Period, there is no coverage for this occurrence of unemployment).

Waiting Period

Thirty (30) days from commencement of unemployment.

Contribution Clause

When joint mortgagors are involved, benefit amount will be based on the percentage the

unemployed person’s income is to total qualifying income at the time of mortgage closing.

Conditions

a) Unemployment must commence during coverage period

b) Coverage is limited to payments due

30 days after unemployment begins

c) Claimant must qualify for state unemployment benefits

d) Claims payments cease immediately upon re-employment

e) In the event of subsequent unemployment, a new 30 day Waiting Period applies

Exclusions

a) Voluntary unemployment

b) Disability or medical (mental or physical)

c) Reasons listed for denial of unemployment benefits

d) Borrowers that are self-employed or are aware of a pending layoff

e) Strike/Lockout

4.20.09

REV

The involuntary unemployment insurance included in the Rainy Day HELP Program is provided and underwritten by Virginia Surety Company, Inc. under group

insurance policy IUI-POL (11-05). Exclusions and limitations apply. See the Certificate of Insurance and Schedule of Coverage for complete details. The Rainy Day

Foundation’s HELP Program is void where prohibited by law and subject to cancellation without further notice. Certain restrictions apply. While Long & Foster

believes this Program could be of significant benefit to many homebuyers, each homebuyer must thoroughly review the details of the Program to determine its

benefits and their eligibility. This overview is not intended to be an exhaustive description. For eligibility requirements and full program details, please contact the

Rainy Day Foundation at 1-888-26-RAINY.

                                                                               Exclusive Program of Long & Foster Real Estate, Inc.

                       As Modified in the American Recovery and Reinvestment Act

Major Benefits of First Time Home Buyer Tax Credit for Maryland Real Estate Home Buyers   

1. Effective for homes purchased January 1, through December 1, 2009.
2. Maximum credit amount is 10% of the purchase price of the home up to $8,000.
3. All principal residences including single family, town homes, condos and co-ops.
4. If the price of the home you buy is $80,000 or more, you will receive the full $8,000 Tax Credit to offset your income tax liability OR receive a REFUND for any amount up to $8,000 if your actual tax liability is less.
5. Income limits to qualify for the tax credit and or Tax REFUND is $75,000 for single filers and $150,000 for married filers. Married filers filing separately can receive a tax credit of $4,000 each.
6. First Time Home Buyer means a person who has not owned a principal resident for the past 3 years.
7. Eligible for home buyers using revenue bond programs for down payment or closing cost assistance.
8. No repayment required unless the home is sold in the first 3 years.   

Contact Lynn Stewart 301/580-4552 (lynn.s@longandfoster.com)

                                       Www.lynnstewartsells.com

Steps to Prepare for Home Ownership

•  Decide how much you can afford - take a realistic view of your bills

• Create a “Wish List” (be prepared to give up some items)

• Consider several neighborhoods - don’t limit to one particular area, initially - be open minded and check out activity during weekends & during the week

• Determine downpayment & closing costs

• Get your credit in order – work with a lender EARLY!  It may take several months to repair a bad credit score

• Explore mortgage options with more than one Lender

• Secure all necessary documents for Lender

• Calculate all homeownership costs (mortgage, taxes, association fees, monthly utilities, etc.)

• Start Looking For That Special House and Let Me Help! 

                                                             Lynn Stewart, Realtor®, Licensed in DC, MD & VA

                                                             lynn.s@longandfoster.com     301/580-4552 (cell)  301/229-4000 (office)

                                                             W.C. & A.N. Miller, A Long & Foster Co.

                                                             Exclusive Affiliate of Christie’s Great Estates