The program is funded by the National Association of Real Estate Brokers and will help turn bank-owned and other non-performing properties into opportunities for potential home buyers who are stuck in the home buying process. The $1.2 billion "Homeowners Assurance Program" is privately funded and will roll-out in 25 U.S. cities, including Houston. Julius
Cartwright is the president of the Association of Real Estate Brokers.
"Houston is already a market that has probably recovered and is stronger than some of the other 25 markets that we are involved in according to the economists at the Federal Reserve. So it's a solid community and it should be a good community to begin to roll-out some our solutions and this program being one of the big ones."
Cartwright says homeowners with low credit scores will have a better chance of buying a home under the program. The program could be up and running in Houston within 3-6 months.