Great news for your first-time buyers: The Mortgage Protection Program has been extended through 2010.

To continue to provide first-time home buyers with peace of mind when purchasing their first home, the C.A.R. Housing Affordability Fund has extended the Mortgage Protection Program (MPP) through December 2010. To date, more than 1,700 first-time home buyers already have been approved for the program, and the numbers continue to increase.

On April 2, 2009 the Housing Affordability Fund launched 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. Qualifying buyers can receive up to $1,500 a month for up to six months in the event of job loss, a qualified co-buyer can also receive a $750 benefit for up to six months to help pay the mortgage.

TO QUALIFY FOR THE MORTGAGE PROTECTION PROGRAM APPLICANTS MUST:
· Be a first-time home buyer – someone who has not owned property in the last three years
· Open escrow on or after April 2, 2009

· Use a California REALTOR® in the transaction
· Purchase the property in California
· Be a W-2 employee (cannot be self-employed)

This is a great opportunity for first-time homebuyers.Contact me for more information or: Click here for more information, requirements, and a downloadable application.

 ~ Barry Ripp

 Information obtained by the Calif.Assoc.of Realtors.     November  2009