Another perk for first-time buyers - job loss insurance

Thanks, Mr. & Mrs. Hill, for pointing out another new perk for first-time home buyers in California: the C.A.R.H.A.F. Mortgage Protection program. This gives first time buyers free mortgage insurance in case of job loss. Check out the link here. (This is not to be confused with lender mortgage insurance.) Here are the requirements:

• Be a first time buyer or have not owned a home in three years;
• Close before December 31, 2009;
• Use a California Realtor (it is a CAR program, after all); and
• Be w-2'd, not self-employed.

A qualified buyer who has involuntarily lost their job can be eligible for up to $1,500 a month in mortgage payments for up to six months. A co-buyer can be eligible for up to $750 a month for six months.