This gorgeous home at 2408 Kodiak Ct., Navarre Florida was just sold using the HAP program. What is HAP? It’s short for Homeowner Assistance Program, and is a Department of Defense relocation benefit to U.S. Armed Forces members who meet certain requirements. It’s a terrific help for Eglin Air Force Base, Hurlburt Field and Duke Field airmen whose property values have declined. How? HAP may cover most, if not all, of your upside-down mortgage when you sell your property in order to PCS.
What are HAP requirements? Here are the main criteria, but HAP will do a full review of your situation to see if you qualify, and what your benefits may be:
1. You have PCS (permanent change of station) orders to move more than 50 miles away
2. You bought your home or entered into a contract to purchase prior to July 1, 2006 (that requirement is currently under review by Congress)
3. You lived in the home as your primary residence
4. Your PCS orders were between February 1 2006 through September 30, 2010 (there is a possibility of the program approving orders through September 2012 if funding is available)
5. Your home must have declined at least 10% in value. (Common in the Eglin AFB, Hurlburt Field markets).
Once you apply for HAP, and send your in the sales contract from the buyer you found with the help of your real estate agent, HAP will calculate how much of your mortgage deficit will be covered at closing. You might even get a credit back if you’ve done many home improvements.
HAP is a good alternative to short sale or foreclosure, as it will not affect your credit.
I’ve helped many Eglin and Hurlburt homeowners in Navarre, Destin, Fort Walton Beach, and Crestview Florida sell their homes using the HAP program. Contact me, and I’ll help you explore your options.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]