The CALIFORNIA ASSOCIATION OF REALTORS launced the C.A.R. Housing Affordability Fund Mortgage Protection Program for first-time buyers.
Through the HAFMPP, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month, for six months, 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. The program also provides benefits for accidental disability and a $10,000 death benefit. C.A.R.'s Housing Affordability Fund estimates that as many as 3,000 families will benefit from the program this year.
To qualify for the Mortgage Protection Program applicants must:
Open escrow April 2, 2009 or later and close on or before December 31, 2009
Use a California REALTOR in the transaction
Purchase the property in California
Be a w-2 employee (cannot be self-employed)
To apply for the program, home buyers must request an application for HAF Mortgage Protection Program from their REALTOR.
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