The CALIFORNIA ASSOCIATION OF REALTORS has announced that on April 2, 2009, it will launch a new program designed for first-time buyers.

This valuable program will target consumers and first time buyers who are nervous about the housing market and concerned about potential job loss.

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 $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 reduced monthly benefit of $750 per month for up to six months in the event of a job loss.

C.A.R. said that its Housing Affordability Fund will dedicate $1 million to the program this year, and estimates that as many as 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 homebuyers can request an application for the H.A.F. Mortgage Protection Program from their REALTOR®. 

For other information on this new program, see the web site for the California Association of Realtors.

See the Jon Lansner article about this new CAR program at OCRegister.com. 

See the Jeff Collins article, Orange County Register.

This CAR The Mortgage Protection Program is intended to address a buyers'  concern about the real estate market and ability to make their mortgage payments after job loss. 

If you want information about Orange County homes and properties, or about this new CAR Mortgage Protection Program, please contact us.  Thanks. 

Harrison K. Long, Explore Group Properties, Coldwell Banker Previews