On April 2nd, 2009, the California Association of Realtors’ announced they would be offering first-time home buyers a free ‘Mortgage Protection Program’ using funds from their own Housing Affordability Fund. This could be of great interest to our members who are interested in purchasing a home in California and expect to be working with a Realtor who is a member of the California Assocation of Realtors.
What is the program called?
The “Housing Affordability Fund Mortgage Protection Program”
Who runs this program?
The California Association of Realtors (CAR). This is a program operated and funded by this professional association – not the federal or state government.
Why are they doing this?
Because California real estate agents (who are members of the association) want to encourage you to buy a home in California.
What is the actual “Mortgage Protection”?
First-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 a month for six months, to help make their mortgage payments. A qualified co-buyer can also participate in the program and receive up to $750 per month up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.
What are the requirements to qualify?
- Must be a first-time home buyer, meaning someone who hasn’t owned a home in the last three years. Technically, this means you do NOT have to be a “first-time” home buyer.
- Must open escrow on or after April 2nd, 2009 and close escrow on or before December 31st, 2009.
- Must use a realtor who is a member of the California Association of Realtors as your agent.
- Must be purchasing a California property.
- Must be a “W-2 Employee”, meaning you’re not self-employed.
- There are NO INCOME restrictions.
- There are NO PRICE restrictions.
How do members take advantage of this program?
To learn more about this program or to apply, visit:
- Download an Application Form