C.A.R. LAUNCHES MORTGAGE PROTECTION PROGRAM
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) announced it is extending its Mortgage Protection Program (MPP) for first-time home buyers through Dec. 31, 2010. To date, C.A.R. has approved benefits for 3,122 first-time home buyers at no cost to the consumer. Offered by C.A.R.’s Housing Affordability Fund (C.A.R.H.A.F.), MPP provides up to $1,500 per month, for up to six months, to eligible first-time home buyers who lose their jobs due to layoffs. The funds are intended to help consumers meet their mortgage payment obligations. Qualified co-buyers also can participate in the program, and receive monthly benefits of $750 per month for up to six months. 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 . Close escrow on or before Dec. 31, 2010 . Use a California REALTOR® in the transaction . Purchase the property in California . Be a W-2 employee (cannot be self-employed or military personnel) The CALIFORNIA ASSOCIATION OF REALTORS® Housing Affordability Fund (C.A.R.H.A.F.) is a non-profit 501(c)(3) organization. It receives donations primarily from REALTOR® members and REALTOR® associations committed to addressing housing challenges in California. C.A.R.H.A.F. raises and distributes funds and partners with other groups to promote housing and homeownership, and address housing opportunities locally and statewide. First-time home buyers must request an application from their REALTOR®. For applications and other information on this exciting new program, give us a call. |