CAR has purchased and provided about 400 such insurance policies for first-time homebuyers at no cost to the buyers. This can provide up to $1,500 a month in mortgage assistance for six months if the buyer lose their jobs.
California Association of Realtors has said it used $1 million that its members had donated to a charitable fund earmarked for affordable housing, which was to buy the one-year mortgage payment protection policies for about 3,000 first-time homebuyers.
The CAR program has been successful, and it has now received a $420,000 grant from the National Association of Realtors to extend the program after initial funding is gone.
Qualifications for CAR Mortgage Insurance program ~
- Buyers must not have owned a home in the last three years
- Escrow must have opened on or after April 2, 2009, and closed before Dec. 31.
- Buyers must use a California Realtor
- Purchase of a property in California.
- Person cannot be self-employed.
See the CAR article ~ More than 380 first-time buyers approved for MPP
I am proud to be a member of California Assoc. of Realtors and that our organization is providing a real benefit for first time homebuyers ~ and that this won’t cost taxpayers a nickel.
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Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.
