The Mortgage Proteciton Program has benefited more than 3,100 first time home buyers in California including Downtown San Diego Condos and Downtown San Diego Lofts home buyers at no cost to the consumer. California Association of Realtors is now extending the program through December 2010.
The C.A.R.s Housing Affordability Fund 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 can also participate in the program, and receive monthly benefits of $750 per month for up to six months.
The goal with the C.A.R.H.A.F. Mortgage Protection Program is to help alleviate some of the anxiety home buyers feel when purchasing a home by providing a layer of security.
The qualifications for the program are:
- 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, 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)
There are more specific qualifications. The terms and conditions are on the application which can be found here C.A.R. Housing Affordability Fund Mortgage Protection Program
To read 92101 Urban Living’s former blog to help first time home buyers click on Take Advantage of The Extended First Time Home Buyer Tax Credit in Downtown San Diego!.