The California Association of Realtors has purchased nearly 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.

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