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Mortgage Protection Plan for First-Time Buyers
By marionduffy | April 28, 2009
With home prices down and interest rates really low, most first-time buyers know this is a great time to buy. But with the constant news of job losses, many are hesitant to make the move. To help relieve the pressure, the California Association of REALTORS has started a new mortgage protection plan to benefit first-time buyers.
C.A.R. president, James Liptak, sent an email to all C.A.R. members describing the program. He states: “Through the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), 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, 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 is 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:
. 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, 2009
. Use a California REALTOR® in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed or military personnel)
First-time home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®”.
There is no cost for this program. To learn more, visit the CARHAF website.
Topics: Buyers, Real Estate Forms, Loan approval |
April 28th, 2009 at 11:14 am
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