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by CareyBot

The California Association of Realtors has purchased about 400 insurance policies for first-time homebuyers that could provide up to $1,500 a month in mortgage assistance for six months in the event they lose their jobs.CAR announced the program on April 2, saying it would use $1 million its members had donated to a charitable fund earmarked for affordable housing to buy one-year mortgage payment protection policies for about 3,000 first-time homebuyers instead.As of late July, 384 applications have been approved and an additional 22 applications were in the pipeline awaiting approval, CAR said.The program has proved to be such a success, CAR said, it has received a $420,000 grant from the National Association of Realtors to extend the program once the initial funding for the program runs ...