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
-Open escrow April 2, 2009, or later, and closed on or before Dec. 31, 2009. Purchase agreement cannot be dated before April 2, 2009.
-Use a California Realtor in the transaction
-Purchase the property in California
-Be a W-2 employee (cannot be self-employed)