CAR is launching the Mortgage Protection Program for first time home buyers with a plan that hopes to assist approximately 3,000 households in the first year.
Through the Housing Affordability Fund Mortgage Protection Program, first time home buyers who lose their jobs due to layoffs may be eligible to receive up to $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.
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 their realtor.
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