The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is offering a new program that pays a home buyer’s mortgage if he or she is laid off. The Home Payment Protection Program (HPPP), a program similar to the successful C.A.R.H.A.F. Mortgage Protection Program, is offered by REALTORS® to sellers at the time of listing as an added incentive to prospective buyers. The program is paid for by the seller and is completely optional.
The program covers both first-time and repeat-buyers for 12 months from escrow closing and provides up to six mortgage payments up to $1,000 or $1,500, depending on the coverage level the seller chooses. A seller can choose to pay $200 for six mortgage payments up to $1,000 or $275 for six mortgage payments up to $1,500.
For more information about the Home Payment Protection Program, contact your REALTOR®.
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