Saturday, April 4, 2009

California Association of Realtors Mortgage Protection Program: CAR Will Pay the Mortgage

Just announced this week by the California Association of REALTORSis a new Mortgage Protection Program. This program will be administered by the California Association of REALTORS Housing Affordability Fund (CARHAF) and will pay the mortgage payment up to $1500/month if a home buyer loses their job or accidental disability or death. There is also a one-time accidental death benefit of $10,000.

This is offered at no cost to the home buyer and the application is handled by the REALTOR as part of the transaction. To be eligible you must:

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

2) Open escrow after 4/2/09 and close before 12/31/09

3) Property must be a primary residence in California

4) Be represented by a California REALTOR

5) Be a W-2 employee (Self-employed, sole proprietor, partner, etc will not qualify)
There are no income requirements or limits. Coverage takes effect 6 months after the close of escrow and is subject to a one month wait period after unemployment.

To get full information on this program...please contact me at

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