Hi Desert Real Estate Forum

Beginning April 2^nd the California Association of Realtors is offering a Mortgage Protection Program for First Time Home Buyers. Through the Associations Housing Affordability Fund, CAR is offering up to $1500 per month for up to 6 months to any qualifying homeowners who lose their jobs due to layoffs. Additionally, a qualified co-borrower may be eligible for up to $750 per month for up to the same period if that co-borrower is laid off. Benefits of the program also include a provision for disability claims and up to $10,000 in death benefits.

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)