C.A.R. launches Mortgage Protection Program
- For release:
Thursday, April 2, 2009
C.A.R. launches Mortgage Protection Program for first-time home
buyers
Quick Facts
. C.A.R. is the first
statewide association in the nation to offer a mortgage protection plan
for consumers
. Approximately
3,000 households expected to receive assistance in first year
. C.A.R.’s
Housing Affordability Fund is dedicating $1 million toward
program
LOS ANGELES (April 2) – The CALIFORNIA ASSOCIATION OF REALTORS®
(C.A.R.) today launched the C.A.R. Housing Affordability Fund Mortgage
Protection Program (C.A.R.H.A.F. MPP) for first-time home buyers.
Through the Housing Affordability Fund 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 six months, to help
make their mortgage payments. A qualified co-buyer also can participate
in the program, and receive 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, and estimates that as many as 3,000
families will benefit from the program this year.
-
“The Mortgage Protection Program was developed to help ease the anxiety
of consumers who are concerned about potential job loss and its impact
on their ability to pay their mortgage should they purchase a home,”
said C.A.R. President James Liptak. “It also provides peace of mind to
those buyers who are actively searching for a home.”
-
To qualify for the Mortgage Protection Program, applicants must:
. Be a
first-time home buyer – someone who has not owned a home in three or
more 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)
- To apply for the program, home buyers must request an application for
the H.A.F. Mortgage Protection Program from their REALTOR®.
-
Leading the way...® in California real estate for more than 100 years,
the CALIFORNIA ASSOCIATION OF REALTORS® ( www.car.org) is one of the
largest state trade organizations in the United States, with nearly
180,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) Housing Affordability
Fund (H.A.F.) is a non-profit 501(c)(3) dedicated to addressing
California’s housing crisis . It receives donations primarily from
REALTOR® members and REALTOR® associations committed to addressing the
housing problem in California. H.A.F. raises and distributes funds and
partners with other groups to promote housing and homeownership and
address housing opportunities locally and statewide.
Print