The California Association of Realtors announced a new program aimed at first time homebuyers. This program is designed for those who may feel hesitant or apprehensive about buying a home and seeks to provide some assurances that if there is a sudden and unexpected job loss or you become unable to meet your monthly mortgage obligation, you may qualify and receive financial assistance. Here is what the email had to say:
Through the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F.MPP), first time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1500 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 reduced monthly benefit of $750 per month 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 to the program this year, and estimates that as many as 3000 families will benefit from the program throughout 2009.
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 December 31, 2009
- Use a California REALTOR in the transaction
- Purchase property in California
- BE a W-2 employee (cannot be self employed or military personnel)
You must request an application from your Realtor, and we would be happy to assist you with that.
As we mentioned last week in our story Are We There Yet, many indicators are very favorable if you have been thinking of buying a house. Low interest rates, first time buyer tax credit of $8000 and now the just announced program from CAR.
About Doug Willis
What You Have To Say