Military families across the world have been anxiously awaiting the final rules proposals for the DoD Homeowners Assistance Program (HAP).
Waiting is always a struggle when you have your PCS orders in hand and need to sell your home. It is even worse in our current market when it often means that the value of your home is below the current market value.
The expanded Department of Defense HAP program was designed to help military families in our current market and alleviate some of the financial burden. Yesterday the rules were published in the Federal Registry for final review and comments. This does not mean that applications will be processed until the 30 day review period has passed, however there are some rumors floating around the various forums that the regional offices have started making contact with the Wounded Warriors and Surviving Spouses.
The biggest concern for homeowners is the tax consequences of the funding. Currently the ruling specifies that the homeowner will have to cover the benefits received as taxable income and pay the tax liability will be deducted from the funds at settlement. If you would like to support the H.R. 3590 to remove this from the bill contact your representative as well as Rep. Pelosi and Rep. Rangel to request the support of expediting the passage of H.R. 3590
I currently have four listing under contract in the Northern Virginia area for military families and the buyers waiting for the final approval on the rules. We look forward to the day their applications can be officially processed and their homes are sold.
If you live in Northern Virginia and qualify for the DoD Homeowners Assistance Program or a VA Compromise Sale give me a call at 703-346-221. I’ve been working with families in your same situation this year and understand the complexities of the process.