In these financially uncertain times real estate companies are willing to go the extra mile to alleviate prospective buyers’ fears.  Howard Hanna Real Estate Services, a brokerage with offices in New York, Ohio, Pennsylvania and West Virginia, recently launched a program that guarantees buyers $1,500 a month for six months if they lose their job within the first year of the home purchase.  The funds can be used to cover a home owner’s mortgage payment or any other monthly expenses.

Howard Hanna started the program after many prospective buyers admitted that a major obstacle to completing the purchase was their lack of job security due to the current economic crisis.  The president of Howard Hanna, Helen Hanna Casey told the Pittsburg Post-Gazette “We really wanted something that gave people the security to take the next step.”

The cost of the program is not covered by the brokerage alone.  For the program to apply, a home seller must pay $329 for the base insurance premium that would provide protection to the buyer.  If the seller does not want to participate, no income protection is provided.

While the brokerage’s sales have been stagnant because of the real estate crisis and lack of listing in the marketplace, Casey is still seeing a lot of interest in purchasing a new residence.  It is thought that the program will remove one of the major hurdles on the path to becoming a home owner.