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)