Here’s a program you may not have heard about, and honestly I hope that none of my clients will ever need to take advantage of it. Still, it can offer some peace of mind in today’s uncertain job market.
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 up to $1,500/month, for up to six months, to help make their mortgage payments. Qualified co-buyers could also receive $750 monthly for up to six months. C.A.R.’s Housing Affordability Fund has dedicated $1,000,000 towards this Mortgage Protection Program and estimates that up to 3,000 families will benefit from the program this year.
To qualify for this Mortgage Protection Program, you must:
- Be a first time home buyer - someone who has not owned property in the last three years.
- Close escrow on or before December 31, 2009.
- Use a California Realtor® in the transaction.
- Purchase the property in California.
- Be a W-2 employee (not self employed.)
More information about this program can be found here:
http://www.car.org/aboutus/hafmainpage/carhafmortgageprotection
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