California Association of Realtors to offer mortgage payment protection
March 31st, 2009 Categories: Real Estate News, San Diego County Community News, San Diego county Real Estate News
SAN DIEGO– What a great time to be a first time home buyer.
You have incredibly low mortgage interest rates, sub 5% in some 
cases, creating the opportunity for a loan you may never want to refinance. Then there is the up to $8000 federal tax credit and now the California Association of Realtors is offering mortgage payment protection in case of income loss for first time buyers.
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)
This makes me feel good about being a REALTOR as this is something tangible being given back to the community.
Give me a call when you ready to find your new home. 760.415.3329
