First Time Home Buyers Protection Program

In early April the California Association of REALTORS Housing Affordability Fund (H.A.F.) launched a new program designed for first-time home buyers who might be hesistant to buy due to fears created by the current economy.

With the creation of the Mortgage Protection Program, first-time home buyers who fear losing their jobs or becoming accidently disabled and subsequently not being able to make morgage payments, can rest easy knowing that they may be eligible to recieve up to $1,500 per month for up to six months.

C.A.R has dedicated $ 1 million to this effort and will pay the insurance premium for each buyer for a period of one year.

To qualify a buyer must:

Be a first-time home buyer who hasn't owned a home in the last three years

Open and close escrow between 4/2/2009 and 12/31/2009

Purchase a primary residence in California

Be represented by a California REALTOR

Be a W-2 employee

Home buyers must apply through a California REALTOR. The REALTOR will submit the completed application to CARHAF on the home buyer's behalf.