This an update to the previous article from 10 March 2009 about the Real Estate Home Owners Assistance Program available to service members and DOD civilians in the Virginia Beach and Hampton Roads area.
New HAP Real Estate Guidelines:
With the expansion, the Pentagon can now provide partial reimbursement for home-sale losses to other groups. Note that the highest priority is wounded warriors who relocate for medical treatment or medical retirement due to their disability and surviving spouse homeowners.
The priority order for the benefits are as follows:
– Wounded service members relocating for treatment or medical retirement, and for the surviving family members of those who have died while on deployment.
– Military and Defense Department civilian employees affected by BRAC without the need to prove whether the base closure or the general housing market decline caused the loss.
– Normal permanent change of station moves, but only on a retroactive basis that covers PCS moves between July 1, 2006, through Dec. 31, 2009.
Also:
For a member to qualify under the new rule, not only would the individual need to personally experience a 10% loss between the purchase price and sale price of their home, but the home must also be in a housing market area that has also suffered a 10% or greater decline.
All active and former members of the Army, Navy, Marine Corps, Air Force and Coast Guard, as well as DoD civilians who have sold a home since 2006 may visit the Homeowners Assistance Program Website to learn specific program criteria and eligibility.
The Government wants private real estate sales to take place versus acquiring them.
Set the allowable private sale reimbursment to 90% of Prior Fair Market Value for PCS move beneficiaries.
With only 555 Million appropriated the money may not last long. What is not clear is whether service member closing costs/fees are included in this or are a separate reimbursement. This item could impact home owners needing to sell under this program.
You can read more about the program here.
End of update
Help is on the way for Virginia Beach and Hampton Roads real esate home owners with the latest stimulus plan as reported by the Virginia Pilot online.
The stimulus provision is titled the Military Homeowners Assistance Program (HAP).
The stimulus signed into law by President Obama February 17th, will be extended to certain military homeowners who bought homes before July 1, 2006 and who sell the homes before Sept. 30, 2012. Read eligibility here……… Read the rest of this entry »
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