CARHAF Mortgage Protection Program

If ya'll have been reading this blog long enough, you might remember a Bowling Tournament that the Sacramento Association of Realtors "Young Professionals Council" did back in November to raise funds for CARHAF (California Assocation of Realtors Housing Affordability Fund)? If anyone wants to know about the types of programs our fundraising efforts assist, CAR has just announced the Mortgage Protection Program (MPP).

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.