First Time California Homebuyers have gotten another reason to buy now and not wait for home prices to increase. The California Association of Realtors (C.A.R.) has enhanced the home buying process. Now First Time Buyers can apply for their unique Mortgage Protection Program. This protection which includes payments of up to $1,500 per month for six months, in the event of the buyer’s job loss, accidental disability and accidental death insurance.

This is all at no cost to the buyer or their Realtor. A key word is the word REALTOR, which is a real estate agent or broker belonging to the National and California Association of Realtors.

On April 2^nd the California Association of Realtors rolled out this key program to empower home buyers.

“The Mortgage Protection Program was developed to help ease the anxiety of consumers who are concerned about potential job loss and its impact on their ability to pay their mortgage should they purchase a home,” said C.A.R. President James Liptak. “It also provides peace of mind to those buyers who are actively searching for a home.”

To qualify buyers need to:

· Work with a California REALTOR, and use that Realtor for their purchase transaction.

· Be a First time Home buyer (not having owned a home in the last 3 years)

· Open Escrow after April 2^nd 2009 and close on or before December 31^st 2009. (To get your $8,000 IRS refund be sure to close by December 1^st 2009)

· Purchase a property in California

· Be a W-2 employee (cannot be self employed or 1099)

The C.A.R. news release states that buyers should request that their agent provide them with the application from the Housing Affordability Fund (H.A.F.). I suggest that you go to the web site and check out the program and application yourself and then be sure that your Realtor submits it on your behalf. A great list of Q&A’s can be obtained by clicking here.

What more could California home buyers want?