Santa Clarita Real Estate News

C.A.R. Housing Affordability Fund Launches Mortgage Protection Program

To help provide first-time home buyers with peace of mind when purchasing a home, the CALIFORNIA ASSOCIATION OF REALTORS^® Housing Affordability Fund (C.A.R.H.A.F.) is offering a new mortgage protection program to first-time home buyers.

Through the C.A.R. H.A.F'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 up to six months to help make their mortgage payments. A Qualified co-buyer can also participate in this 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. C.A.R.'s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that up to 3,000 families will benefit from the program this year.

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 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

Home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR^®. More information on this new initiative will be forthcoming.