Per an email from James Liptak, CAR President, "Through the CAR Housing Affordability Fund Mortgage Protection Program (CARHAFMPP), 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 HAF Mortgage Protection Program from their REALTOR®."
For applications and other information on this new program, you can visit the CARHAF website.