The program is called the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP) and offers 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.
The associaion 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.
Requirements of the program include:
- 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 H.A.F. Mortgage Protection Program from their REALTOR®.
This is so exciting for first-time buyers, along with the new $8000.00 tax credit, reduced interest rates and home pricing at 2003 levels, the stars are aligning to ensure success for first time buyers in this incrediable market.
If you are consideirng buying your first home, please give Kelly a call. It is her passion to help first-time buyers take the steps towards homeownership. She is here to help you every step of the way.