Military Homeowner Assistance Program

They serve our country.  The get sent all over the world to protect our way of life.  They get moved around every 2-3 years.  I'm sure you know who I'm talking about!!  This post is for our military friends, family, coworkers, neighbors, army, navy, air force, marines, and even coast guard!  This program is set up as part of the stimulus package which will help military families who are up for transfer and who are affected financially due to the decline in the residential real estate market.  There is, of course, criteria that must be met.  The home must have been purchased as a primary residence before July 1, 2006.  The program gets a little bit more involved than I want to on here, and I'll list the basics to avoid confusion.  If you think you may qualify, please reference http://hap.usace.army.mil/homepage.html.  The basic program is that you have purchased a home prior to July 1, 2006, and are being relocated more than 50 miles from your current base.  This doesn't work for those guys transferring from Mayport to NAS, sorry!!  The program will cover the difference of the sale price from what is owed.  Lets say for example, you purchased your home for $300,000 in May 2006.  You are being transfered from Jacksonville, FL to San Diego, CA.  And lets say your home is now worth $240,000.  The program is set up to pay the difference in what is owed and what the sale price is.  This program will also cover your closing costs- title insurance, survey, REALTOR COMMISSION, etc.  

There are also some inherent rules as well.  The sale price must be within 10% of the actual value.  They won't accept your cousin buying the property for $1, and cover the differential for you!!  All the details are not in writing yet, so its not determined how they will determine market value, but your Realtor, (or me of course!), can show you how to best determine market value and price your home accordingly.  It is not determined if they will use our price opinion, or if they will hire a third party realtor or an appraiser to justify this value, but due diligence up from will ensure that you are within the limits.  

The Department of Defense estimates that this information will be made public around the July 2009 timeframe, but they are currently accepting applications.  If you think you qualify, please call me, review the website- and get your application in!  The money will be divided to those facing foreclosure, as well as wounded & widowed first, but after that it will be first come first serve.  

This is a temporary expansion of the old Homeowner Assistance Program, so it will not be around forever.  There has been $550 million appropriated for qualifying personnel.