On Thursday, April 2, 2009 the Housing Affordability Fund has  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.

To qualify for the Mortgage Protection Program,
      Applicants must:

. ·  Be a first-time home buyer – someone who has not owned
      a home in the last three years.
 
  ·  Open escrow April 2, 2009, or later, and close on or before
      Dec. 31, 2009

  ·  Use a California REALTOR® in the transaction

  ·  Purchase the property in California

  ·  Be a W-2 employee (cannot be self-employed)

For examples on how the program works Click Here

For frequently asked questions Click Here