Mortgage Protection

posted Aug 26, 2009, 10:33 PM by Casey Elliott   [ updated Sep 6, 2009, 3:21 PM ]
C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP)
 
California Association of Realtors is lauching this Thursday April 2nd 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.

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)


First-time home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.

About H.A.F.
The California Association of REALTORS® Housing Affordability Fund (H.A.F.) receives donations from members, non-members, and other institutions that are committed to addressing the housing problem in California. It distributes these resources through Local Associations who have submitted funding requests for local programs that address housing affordability and housing supply directly. In order to have the maximum impact, it seeks to leverage its funds with Local Associations and their housing partners.
Housing Affordability Fund Mission Statement
The Strategic Planning and Finance Committee approved the amended Mission Statement of the Housing Affordability Fund to now reflect the following (June 2005): The California Association of REALTORS® Housing Affordability Fund plays an active role in addressing the ongoing housing affordability crisis facing our state. The fund will raise and distribute funds and partner with other groups to promote housing and homeownership and address all housing opportunities locally and statewide.

Contributions:
The California Association of REALTORS® Housing Affordability Fund (H.A.F.) is a charitable tax-exempt entity under both federal and state law. The entire amount (100%) of your contribution may be deducted as a charitable contribution under both federal and state law.
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