The California Association of Realtors has created the Housing Affordability Fund which offers a new mortgage protection program to first-time home buyers.Through the Housing Affordability Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments.
A Qualified co-buyer can also participate in this program, for a reduced monthly benefit of $750 per month for up to six months in the event of a job loss. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that up to 3,000 families will benefit from the program this year.
To qualify for the Mortgage Protection Program, applicants must:
Be a first-time home buyer – someone who has not owned a home in
the last three years
· Open escrow April 2, 2009, or later, and close on or
before Dec. 31, 2009
· Use a California REALTOR® in the transaction
· Purchase the property in California
· Be a W-2 employee, cannot be self-employed or military personnelHome buyers must request an application for the H.A.F. Mortgage Protection Program from their Realtor®. More information on this new initiative will be forthcoming. Check for updates By the way, a Realtor® is a real estate agent who is a member of the National Association of Realtors or N.A.R. Realtors® are pledged to a strict Code of Ethics and Standards of Practice.