FAQ: CALIFORNIA FAIR PLAN

The new laws allow the FAIR Plan to request state-backed loans and bonds and distribute claims payments over multiple years, which is intended to prevent the need for future bailouts that raise the plan’s rates for consumers.

The FAIR Plan is an insurance pool that provides policies to people who can’t get private insurance because their properties are deemed too risky to insure. The number of homeowners forced onto the FAIR Plan has skyrocketed. With high premiums and basic coverage, the plan is designed as a temporary option until homeowners can find permanent coverage.

C.A.R. provided FAQ: https://42177214-9d7a-43d8-aecd-f7e162c92fd7.usrfiles.com/ugd/421772_d717ac928b9e4c8fb23135744b590689.pdf?utm_campaign=linkinbio&utm_medium=referral&utm_source=later-linkinbio

More information on California FAIR Plan: https://www.insurance.ca.gov/01-consumers/200-wrr/California-FAIR-Plan.cfm

Down Payment Resource Directory

The economy may be shaky, but homeownership is still a solid investment. Buying in California can sometimes feel out of reach—but did you know there are more than 400 down payment assistance programs designed to make it easier?

These programs can help cover not only your down payment but also closing costs and other expenses.

To cut through the complexity, the California Association of REALTORS® provides homebuyers with an easy-to-use online search tool that lets you filter and compare programs to find the ones you qualify for.

Explore your options at finddownpayment.car.org. Then, call your REALTOR® to help you match those programs with the right property and financing strategy for your goals.

Government Shutdown: Rental Housing Providers

With the federal government now in a shutdown, many rental housing providers are asking what this means for federally funded housing programs and for tenants who may be affected. While the situation is dynamic, here is the key information rental housing providers need to know for the time being. 

The California Apartment Association has issued an FAQ on key points impacting California housing providers.

Read the CAA’s full FAQ: https://caanet.org/qa-what-the-federal-government-shutdown-means-for-rental-housing-providers/?utm_campaign=linkinbio&utm_medium=referral&utm_source=later-linkinbio