California is, once again, doing something to help the housing market. 

We already have a potential $10,000 tax credit that is available to buyers of new home construction in 2000 (first time buyers or experienced). The home must never have been lived in. Credits of up to $10,0000 will be awarded on a first come first served basis until the $100,000,000 that has been set aside has been used up. 

READ MORE: New Construction Tax Credit 

Now, the California Association of REALTORS (C.A.R.) is offering a mortgage protection program for first time buyers through their Housing Affordability Fund (H.A.F.) where buyers may receive up to $1500 per month for 6 month to help cover their mortgage payments if they lose their jobs due to layoffs. A co-buyer who is also qualified may receive a reduced payment of up to $750 per month for 6 months in the event of a layoff. 

$1,000,000 has been earmarked for this program in 2009.

Here are the requirements for the Mortgage Protection Proram:

• First-time home buyer - someone who has not owned a home in the last three years
• You must open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
• You must use a California REALTOR® in the transaction
• The property must be in California
• You must be a W-2 employee (cannot be self-employed or military personnel) 

Prospective users must obtain the application from their California REALTOR (applications can be obtained from the C.A.R. website or contact Monica Rodriguez at (213) 739-8380 or monicar@car.org.)

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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.

All content copyright © 2009 Jeff Dowler Carlsbad Homes and Real Estate Tidbits