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 April 06, 2009

Mortgage Protection Plan Launched by California Association of Realtors (C.A.R.)
On April 2, the California Association of Realtors (C.A.R.) started the California Association of Realtors Housing Affordability Fund Mortgage Protection Program. This program is being offered to first-time home buyers and persons who have not purchased a home in the past three years.
Through this program, these buyers who become unemployed due to layoffs could be eligible to receive fifteen hundred dollars on a monthly basis to assist in the payment of their mortgages. Qualified co-buyers may also be eligible to participate. They may receive a supplement of seven hundred fifty dollars for up to a six-month period. Additional program benefits include a ten thousand dollar death benefit and coverage for accidental disability.

The California Association of Realtors is dedicating one million dollars toward the mortgage protection program. They estimate that nearly three thousand households will be able to benefit from the program in 2009.

Applicants must meet the following criteria to be eligible for program benefits:

Must not have purchased a home within the past three years.
Your escrow must have opened on or after April 2, 2009 and must close no later than December 31, 2009.
The home must be purchased within the state of California.
Buyers must be employed and receiving annual W-2 statements. (May not be self-employed.)