The California Association of Realtors is launching a new program that will help eligible first-time home buyers who lose their job continue to make mortgage payments for up to six months.
Through the Housing Affordability Fund 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 to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.
CAR's Housing Affordability Fund is dedicating $1 million its Mortgage Protection Program, and estimates as many as 3,000 families could benefit from the program this year.
To apply for the program, home buyers must request an application for the CAR Mortgage Protection Program from the CENTURY 21 Award or CENTURY 21 Superstars agent.
This is bold, directed leadership from CAR with the purpose of bringing even more first-time buyers back into our market. The benefits should be immediate and I would presume the $1 million in funding will go quickly, so talk to your clients about this program today!
To qualify for the Mortgage Protection Program, applicants must:
* Be a first-time home buyer – someone who has not owned a home in three or more 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)
