Military That PCS’d to Northern VA: Do You Still Own a Home?

During the busy summer months I work with a lot of renters in our local Kingstowne real estate market and due to BRAC I’ve been assisting many military personnel that are relocating to the area. Most military realize the great advantages they have when buying a home (VA loans coupled with their BAH) so why are many still choosing to rent when they move here? The 2 main reasons I’ve encountered are they want to get familiar with the area their first year here before buying or that they own a home at their prior station that they can’t sell. While I can completely understand the first reason the second one leads me to believe that some military don’t necessarily know all their options.

The Home Affordability Program (HAP) was originally designed by the DoD to assist wounded and injured military along with surviving spouses. Recently it was extended to assist personnel affected by BRAC 05 and those receiving PCS orders. The extended program is designed to help military recoup most of their losses in selling their homes, usually because it is now worth less than what they paid (upside down). For BRAC eligibility the home must have been purchased before the announcement date on May 13, 2005. For military PCS eligibility the orders must be received before September 30, 2010. Both groups must sell the home before September 30th, 2012. To learn more about eligibility and benefits you can visit the official HAP site or contact us.

Many military homeowners that were transferred to our area might find this to be a better solution than sitting on an upside down property that could take many years to recoup their initial investment. There are also no credit or legal ramifications that many times result from a short sale or foreclosure. This is a great opportunity for the men and women that serve our nation to start fresh and reinvest in a home in one of the strongest real estate markets in the country. If you may be eligible for the HAP program and are interested in learning more we would be glad to take the time to sit down with you and discuss your options.

Jim Patrick
Tom & Cindy and Associates
Long & Foster Realtors
7027-A Manchester Blvd
Alexandria, VA 22310
Cell: (571) 244-0120