You may have heard how Ford and Chevy are offering car buyers the assurance that if they buy a new car, and then lose their jobs, the auto makers will make their payment for them for a certain amount of time. Wouldn’t it be great if that worked for buying a house, too? Well, as of April 2, 2009, it does! (At least for first-time home buyers.)
I just received the below information from the California Association of Realtors’ website -
“Through the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a reduced monthly benefit of $750 per month for up to six months in the event of a job loss. 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 to the program this year, and estimates that as many as 3,000 families will benefit from the program throughout 2009.
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)”
If you are interested in this program, you can contact us at Sharp Realty and we’ll send you an application, or just stop by our office at the corner of Fairview and Balfour and pick one up.
If you have questions on this or any other real estate topic, call me at (925) 240-MOVE (6683). To search the MLS for free and view virtual tours of homes for sale, go to: www.SharpHomesOnline.com. Sharp Realty