The California Association of Realtors® has a new program called “Housing Affordability Fund’s Mortgage Protection Program”. It enables first time home buyers who lose their jobs due to layoff or job loss are entitled to receive $1500 towards their mortgage payment. If there is a co-borrower, they too are eligible to receive up to $750 toward the mortgage payment. Those payments can come in handy, wouldn’t you agree?
Is there a cost for you to be apart of this program? No.
Here’s how it works….
When you purchase a home, you have to give your California Realtor® permission in writing to enroll you into the program at the close of escrow. A few documents are mailed in for your file. Once you are approved for free, you are in the program.
If you experience a layoff after a being in the program for six months, then you would be eligible to receive the mortgage payments. The program is good for up to 6 months and you must also be a W2 employee…not self-employed. You must purchase a home between April 2, 2009 to close escrow by December 31, 2009.
The program is excellent and I think it will help first time buyers with the jitters of buying their home. Learn more about this free California program by downloading the “Housing Affordability Fund’s Mortgage Protection Program” flyer in Adobe PDF.
- What do you think about this program?