Here's another great program that the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) launched. The C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), for first-time home buyers.

Through the Housing Affordability Fund Mortgage Protection 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 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.  Program benefits also include coverage for accidental disability and a $10,000 death benefit. 

C.A.R.'s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year. 

To qualify for the Mortgage Protection Program, applicants must:

·          Be a first-time home buyer - someone who has not owned a home in three 

         or more 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) 

To apply for the program, home buyers must request an application for the H.A.F. Mortgage Protection Program from Jennifer and Gary Ricco REALTORS® Keller Williams VIP Properties @ 661.290.3837, or your Realtor.

My husband Gary and I have taken the time to learn about this current real estate market. We specialize in distressed properties whether your buying or selling, we are Certified Distressed Property Experts, CDPE.  By dealing with agents who have earned the CDPE designation, you as a Santa Clarita first time home buyer ensure that you are working with real estate professionals that are equipped to handle your specific needs. 

As a Santa Clarita first time home buyer, you have a window of opportunity to negotiate a price which could be up to 20% below Fair Market Value. Now is a great time to buy with the right long term strategy and obtain a great interest rate which are at an all time low. As a first time home buyer let us help you find the home of your dreams. To learn about the First time Home buyer Tax Credit go to Gary's blog:  Is now the right time to be a first time home buyer?. 

You need a team of experienced professionals guiding you through the purchase of your dream home. We work the Santa Clarita Valley, the San Fernando Valley, Palmdale, and Ventura County. If you would to learn more about us and the services we provide go to www.SantaClaritaFirstTimeHomeBuyers.com  give us a call at 661.290.3837. If you would like to search the MLS and get daily updates on properties available in the Santa Clarita or San Fernando Valley go to: Search the Santa Clarita and San Fernando Valleys . Your search can include Santa Clarita  or San Fernando Valley short sales (pre foreclosures), bank owned properties (REO's) and regular listings.