The California Association of Realtors (CAR) will extend its Mortgage Protection Program (MPP) for first-time home buyers through Dec. 31, 2010. To date, CAR has approved benefits for 3,122 first-time home buyers at no cost to the consumer.
The MPP provides up to $1,500 per month, for up to six months, to eligible first-time home buyers who lose their job due to layoffs. The funds are intended to help consumers meet their mortgage payment obligations. Qualified co-buyers also can participate in the program and receive monthly benefits of $750 per month for up to six months.
To apply for the program, home buyers must request an application for the CAR Housing Affordability Fund MPP from their Realtor.
"The home-buying process can be one of the most stressful periods in a person's life," says CAR President Steve Goddard. "It also is one of the largest financial transactions most people make in their lifetime. Our goal with the [MPP] is to help alleviate some of the anxiety home buyers feel when purchasing a home by providing a layer of security."