Want to buy a home but worried about your job? Well there is a possible solution.
CAR Housing Affordability Fund Mortgage Protection
What is it?
The Mortgage Protection Program offered by the California Association of Realtors provides a combination of involuntary unemployment, accidental disability and accidental death insurance protection for qualified first time home buyers.
What are the benefits?
Through the program, first time home buyers who lose their jobs or become accidentally disabled may be eligible to receive up to $1,500 a month for up to 6 months to help make their mortgage payments. A qualified co-buyer can also participate in this program for a reduced monthly benefit of up to $750 a month for up to 6 months. In addition, the program offers a one time $10,000 accidental death benefit.
How much does it cost?
It cost the home buyer absolutely nothing!
Who qualifies for the program?
First time home buyers who haven’t owned a home in the past three years, they open and close escrow between 4/2/09 and 12/31/09, purchase a primary residence, are represented by a California Realtor and must be a W-2 employee not self employed.