Vice President Joe Biden recently announced the Department of Defense’s plan to expand its Homeowner’s Assistance Program (HAP). This program, which is part of President’s Obama Economic Stimulus Relief Package, comes to the aid of service members by providing monetary relief for those who have been forced to sell their homes at a loss. The new $555 million program expansion seeks to help service members who have been forced to relocate because of base closures or usual assignment rotations. It offers military service personnel home-sellers the chance to move without having to go through the painful process of a short sale and possibly ruining their credit.
For HAP to be implemented in your community there must be a base closing announcement or realignment action that affects your area in addition to a determination that real estate values have declined as a direct result of the closing or realignment announcement.
The Homeowner’s Assistance Program provides benefits in 4 ways to eligible applicants.
- Reimbursement for part of a member’s loss as a result of selling their home.
- Assistance if eligible applicant doesn’t have available funds to pay off their mortgage from the sale of their home
- Purchasing member’s home by paying off the mortgage.
- Providing help if you default on your mortgage.
To be eligible for this program you must be a military service member or federal civilian employee assigned at or near the installation announced for closure or realignment. Civilian and military personnel on overseas tours who transferred within 3 years prior to the announcement and who are homeowners in the area are eligible as well. Besides those two large categories, there are many other small, specific cases where applicants can receive the benefits listed above.
If you do not qualify for this program yet are still searching for a home and are interested in becoming a homeowner, you could possibly still be eligible for other lending incentive programs offered by SC State Housing such as the first time home buyer’s program. This program is offered year round to a wide range of people interested in owning a home.
Blog Signature: Homeowner’s Assistance Program, SC Housing, Service Member, Department of Defense, Military, HAP
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