U.S. Dept. Of Defense Homeowners Assistance Program

In Washington, Vice President Joe Biden announced the Defense Department’s plan to temporarily expand its Homeowner’s Assistance Program (HAP) especially for its service members who were forced to sell their homes at a loss as a result of the country’s housing crisis.

Vice President Biden recognizes “the sacrifices military families make for our country – in terms of deployments, but also moving several times in their career.” “They often don’t get to choose when they move and may be forced to sell their homes when they don’t want to. The Department of Defense (DoD), with funds from the Recovery Act, is expanding its program to help its military families who have been forced to sell their homes at a loss,” Biden adds.  With $555 million devoted to the expanded Housing Assistance Program, this project aims to help service members who were forced to relocate due to base closures or usual assignment rotations.

Although wounded servicemen relocating for treatment or medical retirement, Military and Defense Department civilian employees affected by BRAC, and those who will have to relocate due to change of station are given priority, all active and former members of the Army, Navy, Marine Corps, Air Force and Coast Guard, as well as DoD civilians who have sold a home since 2006 may also check their eligibility.

The Home Assistance Program provides assistance in four ways:

1. By reimbursing for a part of eligible applicants’ loss from selling their home
2. By assisting, if the member doesn’t have funds from the sale of his home to pay-off mortgage
3. By purchasing eligible service men’s home by paying off the mortgage
4. By helping if mortgage is on default.

To check if you are eligible to apply for the Expanded Pentagon Housing Assistance Program, visit the Homeowners Assistance Program Website to learn specific program criteria and eligibility.

Not eligible?  No problem. The VA Loan Store is open to veterans who are keen on getting a home loan!  The VA Loan Store was founded by veterans for veterans like you.  So whether you need help in fixing your damaged credit, VA financing, applying for residential mortgage, we will try our best to assist you because here at the VA Loan Store, your satisfaction is our number one priority.  We follow an easy five step solution to help you buy your VA home and we can guarantee to help you in every step of the way.

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Tagged as: Current Events, Homeowners Assistance Program