The California Association of Realtors Helping First Time Home Buyers

California Association of Realtors Mortgage Protection Program

Mortgage Protection Program Extended

To help provide first-time home buyers with peace of mind when purchasing a home, the C.A.R. Housing Affordability Fund (C.A.R.H.A.F.) is offering a new mortgage protection program to first-time home buyers.

Just In Case You Get Laid Off

Through the Housing Affordability Fund’s 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 also can participate in the program, for a monthly benefit of $750 per month for up to six months.

More Benefits

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 this year, and estimates that up to 3,000 families will benefit from the program throughout 2009.

How To

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 Mortgage Protection Program (MPP) extended through December 2010. To date, more than 1,700 first-time home buyers already have been approved for the program.
. Use a California REALTOR® in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed or military personnel)

Contact Your Realtor

First-time home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.

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Vicki Moore, Realtor
Alain Pinel Realtors, specializing in San Mateo, CA Real Estate.
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RE/MAX Star Properties
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