In an announcement Tuesday, the California Association of Realtors (C.A.R.) said it is extending its Mortgage Protection Program (MPP) for first-time homebuyers through December 31, 2010.

Offered by C.A.R.‘s Housing Affordability Fund (C.A.R.H.A.F.), the program has already approved benefits for 3,122 first-time homebuyers at no cost to the consumer. To receive funds, homebuyers must request an application for the program from their Realtor.

In an effort to help consumers meet their mortgage payment obligations, MPP provides up to $1,500 per month, for up to six months, to eligible first-time homebuyers who lose their job to layoffs. In addition, qualified co-buyers can participate in the program and receive monthly benefits of $750 per month for up to six months.

“The home-buying process can be one of the most stressful periods in a person’s life,” said Steve Goddard, president of C.A.R. “It also is one of the largest financial transactions most people make in their lifetime. Our goal with the C.A.R.H.A.F. Mortgage Protection Program is to help alleviate some of the anxiety homebuyers feel when purchasing a home by providing a layer of security.”