California Association of Realtors has recently launched a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations.
The program is called Housing Affordability Fund Mortgage Protection. 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 to help make their mortgage payments.
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 December 31, 2009
- Use a California Realtor in the transaction
- 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. For applications and other information on this exciting new program, please go to www.car.org/aboutus/hafmainpage/.
This program is definitely worth checking about as it won’t be around for very long! For more questions please contact Torelli Realty at (714) 540-7355!