The California Association of Realtors (CAR) announced last week the launch of a new program designed to provide first-time homeowners with mortgage payment assistance in the event of a job layoff.

Last year CAR partnered with their Housing Affordability Fund to provide eligible first-time homeowners with up to $1,500 per month for up to six months to help cover mortgage costs if they were to lose their jobs.

More than 5,000 first-time owners qualified for the program, which ended in June.

Last week CAR announced the launch of a similar program, this one to be funded in part by sellers. The Home Payment Protection Program will also help to pay the buyer’s mortgage if he or she loses his job, but will cover both first-time and repeat home buyers.

Sellers have the option to provide this service as an incentive to prospective buyers.

The program will be offered at the time of listing, and sellers have the option to provide up to $1,000 or $1,500 depending on which coverage level they chose. Sellers can chose to pay $200 for six mortgage payments up to $1,000 or $275 for six payments up to $1,500.

“CAR’s Home Payment Protection Program is a win-win benefit for both buyers and sellers,” said CAR president Beth L. Peerce.

She continued, “By offering the Home Payment Protection Program as an added incentive to buyer, sellers have an additional way of differentiating their home from others and can sell their home more quickly, while prospective buyers who are feeling uncertain about their employment situation have an added layer of security.”