Mortgage Protection Plan Announced

The California Association of Realtors announced yesterday the C.A.R. Housing Affordability Fund Mortgage Protection Plan (C.A.R.H.A.F.MPP) for first time buyers.

Through this program first time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month for six months to assist with their mortgage payments.  A qualified co-buyer can also participate in the program and receive a monthly benefit of $750.00 per month for up to sixe months.  The benefits also include coverage for accidental disability and a $10,000 death benefit.

The California Association of Realtors (CAR) is dedicating $1,000,000 towards in MPP, and estimates that as many as 3,000 families will benefit from the program this year.

To qualify for the program:

• Be a first time home buyer -someone who has not owned a home in three or more years.
• Open escrow on 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 the H.A.F. Mortgage Protection Program from their REALTOR®.

Visit CAR site for more information or to download MPP Application