Saturday, February 6, 2010

C.A.R. Insurance for First-time Home Buyers

California Association of Realtor's Housing Affordability Fund has committed $1 million to support the Mortgage Protection Program (and the National Association of Realtors another $420,000) an insurance product that kicks in when the unexpected happens: job loss. Your first-time buyers who enroll in the program can draw upon their mortgage protection policy in the event they lose their job after purchasing their home. Under the program, first-time buyers will be eligible to receive $1,500 per month for six months in the event of a job loss; co-buyers are eligible to receive $750 per month.

To be eligible for coverage, the home must be a principal residence in California and a first-time buyer is defined as someone who has not purchased a home in the past three years. While there are no caps on the applicant's income or the purchase price of the home, the applicants are required to use a California Realtor in their transaction; they cannot be self-employed or older than age 70. Consumers can apply for the program via their Realtor; you can enroll your clients on the C.A.R. Web site (

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