Realtor Association Doing It's Part

Last week the California Association of Reatlors announced a program to provide some peace of mind to prospective buyers in what continues to be a very nervous real estate market by launching a "Mortgage Protection Plan".

To help provide first-time home buyers with peace of mind when purchasing a home, the California Association of REALTORS® Housing Affordability Fund (CARHAF) is offering a new mortgage protection program to first-time home buyers.

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. Program benefits also include coverage for accidental disability and a $10,000 death benefit. CAR’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.

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 personnel)

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