On Wednesday, April 2, the California Association of REALTORS® announced the Housing Affordability Fund Mortgage Protection Program (MPP) for first-time home buyers. The MPP will provide up to $1,500 in mortgage payment assistance per month for six months to qualified first-time home buyers who lose their jobs due to a layoff.  The program is supported by a $1 million allocation from the the C.A.R. Housing Affordability Fund. C.A.R. anticipates it can serve up to 3,000 homeowners in 2009.

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; and
• Be a W-2 employee (cannot be self-employed).

To apply for the program, home buyers must request an application from their REALTOR®.

For more information, please click here.  For a program application, please click here.