Market News
C.A.R. LAUNCHES MORTGAGE PROTECTION PROGRAM
Eureka, Ca……….Humboldt
Association of REALTORS® President Eric Peterson is pleased to announce that as
a means 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 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 up to six months to help make their mortgage
payments. A qualified co-buyer also can participate in the program, for 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. C.A.R.’s Housing Affordability Fund is dedicating $1 million
toward its Mortgage Protection Program this year, and estimates that up to
3,000 families will benefit from the program throughout 2009.
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)
First-time homebuyers must request an application for the H.A.F. Mortgage
Protection Program from their local REALTOR®.
The California Association of REALTORS® housing Affordability Fund is a non-profit 501©(3) dedicated to addressing California’s housing crisis. It receives donations primarily from REALTOR® members and associations committed to addressing the housing problem both locally and statewide.
