I just got an email from a home builder outlining a plan that they are currently offering new buyers.

If you involuntarily lose your job, they will cover your mortgage for up to 8 months, up to $2000/mo.

There isn’t an additional charge for this program, and it might be a good push for buyers thinking about hitting the market.  There are a few reasons that this might be a good time to jump back into the real estate market.

• Look for lenders to increase down payment requirements if the “Cram-Down” bill passes Congress.
• Look for rates to go up because of the increased pressure due to the bailouts from the federal government.  The federal deficit is expected to be $1.7T this year… and there are fewer dollars out there to borrow.
• When the market changes direction, it will be 3-5 months before we can confirm it… the best of the deals will be gone by then.

Hyundai put out a similar program… and it HAS managed to build some traction.

The builder is Bowen Family Homes.

By the way, they have 9 different communities here in Gwinnett County, with homes ranging in price from $150,000 to $460,000.  So, they have some options available.  They also have communities in Cobb, Cherokee, Forsyth and Fulton.