The Job Loss Protection Program is an optional, seller-funded mortgage protection program that helps home owners with monthly mortgage payments if they experience a loss of employment.

The Job Loss Protection Program is part of the HELP (Home owner Education and Loss Protection) program administered by the Rainy Day Foundation.

Program Overview *

Provides up to 6 months of mortgage payments during the first 24 months from date of closing if the borrower or co-borrower becomes involuntarily unemployed
Coverage up to $1,800 per month
Properties listed for sale by Allen Tate Company or purchased through an Allen Tate Realtor® are eligible for coverage under this program. Seller may elect not to participate.
Cost of program is $500, payable by the seller at closing if buyer accepts the program.
Program is offered at no cost to the buyer and cannot be funded by the buyer.
Buyer will receive information packet within 45 days of closing to explain program.

Seller Advantages

Program sets the seller's home apart from others on the market, providing "added value" to attract potential buyers
Home showings may increase due to a higher level of buyer interest.
"Job Loss Protection" listings clearly identified with icon on allentate.com.
Cost of the program payable by seller at closing only if buyer accepts and qualifies for the program.

Buyer Advantages

Buyer can purchase home with greater confidence.
Program applies if borrower or co-borrower experiences involuntary loss of employment (assuming eligibility criteria are met).
24 months of coverage; can be used for multiple job losses during period for up to 6 months of payments (assuming criteria are met).
Homes featuring "Job Loss Protection" program easily identified on allentate.com.

Learn more about the Job Loss Protection Program.

Begin your search for your new home.

About the Rainy Day Foundation

The Rainy Day Foundation is a non-profit 501 (c) 3 organization whose mission is to assist individuals in maintaining homeownership.

The Job Loss Protection Program is part of the HELP Program, administered by the Rainy Day Foundation, which is intended to help buyers navigate the challenges of homeownership. The HELP Program provides voluntary financial and budget counseling to buyers via telephone and e-mail for the first 24 months following closing, as well as emergency counseling and grants to assist home owners during times of financial hardship.

* Buyer will receive an information packet with complete details of program coverage, including how to file a claim, within 45 days of closing.

Allen Tate RATE RELIEF Program

The Allen Tate Rate Relief Program is a unique program centered on seller-funded preferred financing. The seller commits to pay up to 3 percent of the purchase price toward a financing package from a qualified lender.

Seller Advantages

Preferred financing sets the home apart from others on the market.
Home showings may increase due to a higher level of buyer interest.
Potential target market increases with more qualified buyers due to lower income requirements and lower monthly payments.
Home retains greater market value.

Buyer Advantages

Program provides a permanent interest rate buydown.
Below-market interest rate reduces buyer's monthly mortgage payment.
Buyer may qualify for a larger home.
Less buyer income is required to qualify for financing.
Points are a tax deduction for the buyer in the year the property is purchased.

The Tax Credit has been extended.
The opportunities have been expanded.

See if you qualify.

On November 6, 2009, President Obama signed into law a bill to extend the $8,000 first-time homebuyer tax credit and expand the tax credit to include repeat buyers and those with higher income levels.

Who qualifies?

First-time buyers
The bill extends the $8,000 tax credit to first-time buyers who purchase a principal residence. Homes must be under contract by April 30, 2010 and close no later than June 30, 2010.

First-time buyers are defined as any taxpayer who has not owned a home during the three years prior to date of purchase.

Repeat buyers
The bill creates a $6,500 tax credit for repeat buyers who purchase a principal residence after living in their current residence for at least five consecutive years in the past eight years. Homes must be under contract by April 30, 2010 and close no later than June 30, 2010.

Are there income restrictions?

Yes, but they have been extended from the previous tax credit. The adjusted gross income cap for first-time buyers or repeat buyers is $125,000 for single filers and $225,000 for joint filers.

Is the amount of the credit tied to the price of the home?

Yes. The credit is for 10 percent of the cost of the home, up to a limit of $8,000, for first-time buyers, and up to a $6,500 limit for repeat buyers. The credits cannot be used on homes costing more than $800,000.

What's the definition of "principal residence?"

Generally, a principal residence is the home where an individual spends most of his/her time. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of dwelling. It does not include second homes or vacation property.

Are there restrictions on the location of the property?

Yes. Eligible property must be located in the United States. Property outside the U.S. is not eligible for the credits.

What is different from the prior credit?

The first-time homebuyer credit is the same as the previous credit which would have expired on November 30, 2009. However, the income caps have been increased. The previous credit did not offer a provision for repeat buyers. Both the $8,000 first-time home buyer credit and the $6,500 repeat buyer credit are true tax credits and do not have to be paid back unless the home is sold within three years.

How do I apply for the credit?

Taxpayers can claim the credit on their federal income tax returns filed for the year they purchase their home. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers purchasing a home in 2009 who want immediate refunds can amend their 2008 tax returns to claim the credit.

Sources: Joint Committee on Taxation, National Association of Realtors®

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Making Home Affordable Program

In March 2009, President Obama's administration announced two federal programs designed to help current homeowners better manage costs associated with home ownership. Up to 9 million Americans may

qualify for the Making Home Affordable Program, which offers a home refinance with a lower rate or a loan modification option, to help families reduce their mortgage payments and direct more money in their monthly budgets.

Refinancing If you are a home owner who is current on your mortgage payment yet have been unable to take advantage of refinancing with lower interest rates, the Making Home Affordable Refinance Program may be an option for you. A simple self-assessment test allows you to determine if this program could help you refinance your home. To learn more about this program, click here for Q&As provided by the Making Home Affordable Program.
Two simple steps to making your home more affordable
Step 1 is to take the self-assessment test on the government's Making Home Affordable site, click here Step 2 contact Allen Tate for assistance , click here or select an Allen Tate Mortgage Consultant about the Making Home Affordable Refinance Program, click here.
Modification The Making Home Affordable Modification Program is an option for homeowners facing one or more financial challenges. By working directly with their mortgage servicer, homeowners may be able to lower their monthly mortgage payment under this program. To learn more about this program, click here for Q&As provided by the Making Home Affordable Program. Modification questions begin on Page 5.
To take the self-assessment test on the government's Making Home Affordable site, click here