As of Thursday, April 2, California home buyers will have a new mortgage protection program. The C.A.R. Housing Affordability Fund Mortgage Protection Program provides an "Insurance Policy" for "...involuntary unemployment and accidental death & disability coverage...", covering a primary residence only.
The qualifications for the new program are:
· 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 December 31, 2009
. Use a California REALTOR® in the transaction
· Purchase the property in California
· Be a W-2 employee (cannot be self-employed or military personnel)
There are more specific qualifications, terms and conditions are on the Application, which can be found here (pdf document): C.A.R. Housing Affordability Fund Mortgage Protection Program
You should know that funds for this program are limited and "Applications will be reviewed and Insurance Policies will be awarded on a first come, first served basis until Program funds are depleted or until HAF discontinues the Program, whichever occurs first."