Here are some of the determining factors from which the program is based on: 1. You must be PCSing more than 50 miles
2. You purchased your home or entered into a contract to buy it before July 1, 2006
3. It was your primary residence (not a rental)
4. Your orders were between February 1, 2006 and September 30, 2010.
5. Your home must have declined at least 10% in value.
HAP may cover 90% of your loss from your original purchase price, with you bringing the difference to closing when you sell your home. Click Here to find out more and how to apply. Military HAP Selling Program
" We cannot estimate or pay benefits until you have provided all requested information, are determined eligible, and have sold your home or have it under contract. You are encouraged to send in the information we request since we cannot determine your eligibility without it.The government acquisition option for... applicants involves the government purchasing your home and selling it immediately to your buyer in a subsequent transaction. This option is for those who cannot afford to close without it. You are advised to make every effort to sell your property at the highest reasonable price under current real estate market conditions. Please note we will require a fully signed HUD-1 Settlement Statement from when you bought your home. Please send this document for inclusion in your file.If you listed major improvements in your application, you must provide receipts for these items if you would like them to be considered. Current guidance is that the Prior Fair Market Value is the purchase price, but it is anticipated that there may be an adjustment for improvements in the final guidance. Improvements and receipts must be in accordance with the guidelines established in IRS publications 552 & 527 (http://www.irs.gov/)."
The great news about this HAP guideline, is that your monetary assistance may be based on your cost plus improvements, not just your initial purchase price. This means, HAP may cover more of the loss to your mortgage holders - so YOU will have to bring less funds to closing to cover the difference.
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