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First-Time Buyer Protection

April 23, 2009

mortgage_protectionJust when we thought the incentives for first-time home buyers could not get any better, the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) Housing Affordability Fund announced a new mortgage program to help provide first-time home buyers peace of mind when purchasing a home.

Through the C.A.R. Housing Affordability Fund’s Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.

For more information including eligibility requirements and information on applying for the C.A.R.H.A.F. Mortgage Protection Program, please visit www.car.org/aboutus/hafmainpage/carhafmortgageprotection/

To qualify for the mortgage protection program the applicant must meet the following criteria:

  • 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)

Couple this with the $8,000 tax credit, interest rates at historic lows, affordability rates higher than they have been in years, and the availability of 3.5% down payment FHA loans for credit scores down to 620, and it’s beginning to become clear why so many buyers are out looking right now.

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