SEATTLE -- You've made the decision. It's time to buy a house.

You pre-qualified for a loan and found the perfect place, but you're worried about your job.

There's a new program designed to ease that concern.

The sluggish economy is keeping interest rates low and housing prices down. Add in an $8,000 tax credit and first-time buyers who've been locked out of the market because of home prices have a unique opportunity to buy right now.

But because of the economy, job security is now one of the factors that make some people wary of taking the plunge.

Matthew Whilden and Karina Wolf love their new house in Kirkland. Whilden had been renting, but a few months ago he decided it was time to own.

"It was like, 'Well, I think I'm going to buy a house now because it's a good time and I really want to, but it's making me nervous about everything, especially with the layoffs going on at Microsoft at the time,'" he said.

Their lender, Cobalt Mortgage, told them about the payment assurance plan that now comes with every one of its FHA loans.

"I probably would have gone through with it anyway, but I wouldn't feel as good about it," said Whilden.

The program is backed by the Rainy Day Foundation, a nonprofit group dedicated to home ownership. It kicks in 60 days after closing, and lasts for two years.

If you lose your job during those two years, the foundation will make your house payments, up to $1,800 per month for six months.

"Like that's the bulk of the mortgage, so that will keep me in my house," Whilden said. "This program definitely enabled us to get the house. Gave us more peace of mind."

Keith Tibbles, president of Cobalt Mortgage, is a big believer in the Assurance Program.

"It doesn't protect them indefinitely, but it protects them during a period of time where they may have to go look for a different job," he said.

Financial experts advise potential buyers to be realistic about what an assurance program can do.

"While a mortgage protection program can provide valuable peace of mind, it's not be be used in lieu of an adequate savings cushion or to buy a home before you're truly ready," said Greg McBride, senior financial analyst at Bankrate.com.

McBride points out that these assurance programs only last 6 months. In recent months, nearly four million people have been out of work for more than 6 months.

Bottom line: if you're a qualified buyer and the lender offers this peace of mind at no cost, consider yourself ahead. A number of lenders, including TILA Mortgage, are now part of the program and more are likely to join.