Updated: 9/15/09: CAR link http://www.car.org/newsstand/newsreleases/mpp/
The information below is provided by Referral Realty. (sources California Association of Realtors)
You may have heard how Ford and Chevy are offering car buyers the assurance that if they buy a new car, and then loose their jobs, the auto makers will make their payment for them for a certain amount of time. Wouldn’t it be great if that worked for buying a house , too? Well , as of April 2, 2009, it does! (At least for the first-time home buyers!)
“Through the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. NMP), first-time home buyers who loose their jobs due to layoffs may be eligible to receive up to $1,500 per month for up to six months 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. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R. ‘s Housing Affordability Fund id dedicating $1 million to the program this year, and estimates that as many as 3,000 families will benefit from the program throughout 2009.
To qualify for the Mortgage Protection Program, applicants must:
1. Be a first-time home buyer-someone who has not owned a home in the last three years.
2. Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
3. Use a California REALTOR in the transaction.
4. Purchase the property in California.
5. Be W-2 employee (cannot be self-employed or military personnel)