The Housing Affordblility Fund launced a new program called Mortgage Protection Program designed to provide peace of mind to the First Time Home 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:

• Be a first time home-buyer- someone who has not owned a home in the last three years.
• Open secrow April 2,2009 or later and close on or before Dec. 31,2009.
• Use a California Realtor® in the transaction.
• Be a W-2 employee ( cannot be self-employed )
• Purchase the poperty in California

To help provide first-time home buyers with peace of mind when purchasing a home, the CALIFORNIA ASSOCIATION OF REALTORS® Housing Affordability Fund (C.A.R.H.A.F.) is offering a FREE supplemental insurance product for qualified first time homebuyers. Through the C.A.R. Housing Affordability Fund’s 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 six months, to help make their mortgage payments, qualified co-buyers can receive $750. Home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.

Note: This article is found in C.A.R.H.A.F website.