What is the Mortgage Protection Program?
JoJo on Jun 15th 2009
What Is The Mortgage Protection Program?
Through the California Association of REALTORS (C.A.R.) Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $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, and receive a monthly benefit of $750 per month for up to six months. 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 toward it’s Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.
How Do I Qualify?
To quailify 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 December 31, 2009
• Use a California REALTOR in the transaction• Purchase the property in California• Be a W-2 employee (cannot be self-employed)
How Do I Apply?
If you are in Orange County California and interested in applying, you may request an application for the Mortgage Protection Program from me. For more information, including application requirements and possible restrictions, please visit:www.HarmonHomesRealty.com, go to Home Buying section, Select Mortgage Protection.
