WHAT IS THE MORTGAGE PROTECTION PROGRAM?

Of all the fabulous programs and legislature that the California Association of Realtors (C.A.R.) worked so hard on last year, this is absolutely my favorite!  How easy can it be to have that little extra safety net when you buy a home.  If you purchase through a Realtor, a member of the C.A.R., you are entitled to this benefit, don't miss out on this opportunity.

PROGRAM DETAILS

Through the California Association of Realtors (C.A.R.) and it's 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 up to 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.

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

Qualifications

To qualify for the Mortgage Protection Program, applicants must:

• Be a first-time property buyer - someone who has not owned property in the last three years (includes co-buyer)
• Have opened escrow after April 2, 2009 and closed on or before December 31, 2010
• Use a California REALTOR in the transaction
• Purchase the property in California
• Be a W-2 employee (cannot be self-employed)
• Your Realto will file the appropriate paperwork for you, and that's it!

This is an amazing program, in 2009 every one of my first-time buyers was granted this Mortgage protection.  I'm proud to say I was able to submit them and have them all approved to participate.  If you would like more information about this program, I hope you'll give me a call.

This is just one more way that C.A.R. and the Realtors in your community are working together to provide you security in your home buying purchase.