If you are asking “What is a VA Compromise Sale” you can check out my previous post “Military Families Options if You Are Upside Down on Your Mortgage.” In brief it’s a short sale for VA loans.
Now the Veteran’s Administration (VA) has added a $1500 Relocation Bonus for VA Compromise Sales at closing. The funds must be shown on the HUD-1 provided at closing.
This announcement comes on the heels of the Treasury Department saying some military families may be eligible for HAFA approved short sales without showing a drop in income.
Fannie Mae and Freddie Mac have also changed their guidelines to include PCS orders as a qualifying hardship making a short sales easier for military families.
With the DoD HAP Benefits running low more service members may be looking at a short sale or VA Compromise sale as an option. It’s never an easy decision to undertake a sale of a home when you are upside down on the mortgage but not everyone wants to become a landlord or face a separation from your family. However you do have options.
If you are a Ft Belvoir, Pentagon or Quantico service member with a VA loan and need assistance selling your home give an agent experienced with VA Compromise sales a call.