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C.A.R. Approves 384 Applications for Its Mortgage Protection Program for First-Time Buyers

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RISMEDIA, August 5, 2009-More than 380 first-time homebuyers have been approved for the California Association of Realtors® Housing Affordability Fund (C.A.R.H.A.F.) Mortgage Protection Program (MPP). As of late July, 384 applications have been approved, and an additional 22 applications were in the pipeline awaiting approval.

The C.A.R.H.A.F. Mortgage Protection Program, offered by C.A.R.’s Housing Affordability Fund, provides up to $1,500 per month, for up to six months, to eligible first-time homebuyers who lose their jobs due to layoffs. The funds are intended to help consumers make their mortgage payment obligations. Qualified co-buyers also can participate in the program, and receive monthly benefits of $750 per month for up to six months.

“The Mortgage Protection Program was developed to help ease the anxiety of consumers concerned about potential job loss and its impact on their ability to make their mortgage obligation,” said C.A.R. President James Liptak. “The overwhelming positive response from Realtors and their clients across the state has proven that the program is highly effective.”

First-time homebuyer Michael Sandoval was in the process of purchasing a home in Gilroy, Calif. when he heard about C.A.R.’s Mortgage Protection Program from his Realtor, Valerie Kemp of Alain Pinel Realtors in Morgan Hill, Calif. “We were already looking at homes when we heard about this program,” said Sandoval. “Knowing that we have an additional security blanket should anything happen with our jobs was a relief – and the fact that it’s offered for free is like icing on the cake. It has helped us achieve the dream of homeownership and get our foot in the door.”

Attesting to the program’s success, C.A.R. also received an Ira Gribin Workforce Housing Grant for $420,000 from the National Association of Realtors® (NAR) to issue additional MPP policies beyond the initial $1 million allocated by C.A.R.H.A.F. This is the largest Gribin Grant issued to date by NAR. Ira Gribin Workforce Housing Grants were established to honor former NAR President Ira Gribin, who was a tireless advocate for fair and affordable housing for diverse populations. The grants promote Realtors’ commitment to increase housing opportunities. Gribin also was president of C.A.R. in 1976 and a strong supporter of C.A.R.’s Housing Affordability Fund.

The C.A.R.H.A.F. Mortgage Protection Program is scheduled to run through the end of 2009.

For more information, visit www.car.org.

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