California Association of Realtors extends its "Mortgage Protection Program"

Early this year, I blogged about a program from the California Association of Realtors called the Mortgage Protection Program. C.A.R. announced today that the program is going to be extended through 2010!

Through the C.A.R. Housing Affordability Fund, the Mortgage Protection Program (CARHAFMPP) affords first-time home buyers who lose their jobs due to layoffs 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.

I have enrolled some of my buyer clients in this program…in fact one was interviewed and quoted in the press release from C.A.R.
It is a great program that gives buyers peace of mind. 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, 2010.
  • Use a California REALTOR® in the transaction.
  • Purchase the property in California.
  • Be a W-2 employee (cannot be self-employed)