On Thursday, April 2, 2009 the California Association of Realtors Housing Affordability Fund launched a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations.
To qualify for the Mortgage Protection Program, applicants must:
1) Be a first-time home buyer – someone who has not owned a home in the last three years,
2) Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009,
3) Use a California REALTOR® in the tranaction,
4) Be a W-2 employee (cannot be self-employed)