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12 things to know about the HAP Housing Program for military
Good news on the HAP Program
Related Articles:
- 6 BIG advantages of VA loans
- What is allowable for VA Seller Concessions?
- What are my housing choices near Fort Carson?
- Peterson AFB housing, what are my choices?
The good news for military personnel at Fort Carson, Schriever AFB, Air Force Academy and Peterson AFB is that 
further financial help may be available through the Homeowners Assistance Program (HAP). HAP is an established Department of Defense program that is managed by the US Army Corps of Engineers. It was initially only used to assist in Base Realignment and Closure (BRAC) moves, but the new economic stimulus plan expanded the program to include Permanent Change of Stations (PCS) moves.
The program offers military homeowners a chance to move without having to go through the process of a short sale and the possibility of ruining their credit. (This is very extremely important for anyone with a security clearance.)
Here is a summary of the HAP program for PCS applicants
1. Qualifications: PCSing more than 50 miles, having purchased your home or entered into a contract to purchase prior to July 1, 2006. Also, you must have lived there and it was your primary residence; and your orders were between February 1 2006 through September 30, 2012. The requirements also state that the Owner must not previously received these benefit payments.
2. Your home must have declined at least 10% in value. (This isn’t a problem in the Fort Carson and Colorado Springs market).
3. First priority HAP PCS assistance is given in the Dallas District to applicants with the MOST COMPLETE PACKAGE.
4. HAP benefits are based on the amount you originally purchased the property, plus capital improvements (prior fair market value PFMV verified by your settlement statement). The full amount of your negative value will not be reimbursed.
5. The government will provide benefits Read the rest of this entry »
The $8000 tax credit has NOT expired!!!
Tax credit still available for military in Colorado Springs
Related Articles:
- 6 BIG advantages of VA loans
- What is allowable for VA Seller Concessions?
- What are my housing choices near Fort Carson?
- Peterson AFB housing, what are my choices?
While the tax credit has expired for most Colorado Springs home buyers, military families should know that may still be eligible for the $8000 first time home buyer’s credit.
Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this
special rule. The rules applies to any individual (and, if married, the individuals spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. If they have served on offical extended duty, they have until April 30, 2011, to sign a contract and until June 30, 2011, to close on the new house.
The rules also state “A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.”
Also, if a homeowner don’t live in the new house for at least three years, they have to repay the tax credit. However, military members are an exception when they have to move due to military orders. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individuals spouse). It’s called “qualified official extended duty”, and means living at least 50 miles from the home.
Visit www.irs.gov for more information on qualifying and claiming the tax credit.
If you meet the above guidelines, there is still plenty of time build your brand new home in Colorado Springs or buy an existing home.
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Kathy (719-287-1049) KTorline@msn.com
6 BIG advantages of VA loans
VA Loans
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Must Read Articles:
- NORAD is still alive and smaller under Cheyenne Mountain
- After fierce competition Colorado Springs finally lands the Air Force Academy
- An early history of Ft. Carson
- History of Ft. Carson part II
- Military relocation? 6 tips to read before you buy a home
- Relocating to The Air Force Academy? Here’s some great info to make your move easier.
I went to a training class last week on VA loans and came across all types of valuable information I wanted to share with our Colorado Springs home buyers. (I’m a strong believer that a Realtor needs to constantly increase and update their knowledge about all things real estate, never can learn too much.)
Since Colorado Springs is surrounded by military bases (Fort Carson, Peterson AFA, Schriever AFA, and the U.S. Air Force Academy 
) ; as well as there are many military retirees in the areas, VA loans are very popular. The stats show that 30% of all loans in the area are VA Loans.
Advantages of VA loans
When a Colorado Springs home buyer is trying to decide what type of loan they are going to use, it’s important for them to understand some of the advantages of VA loans:
- No down-payment requirements.
- There are not many loans left that don’t require a down-payment
- No monthly MIP
- MIP is the abbreviated term for the Mortgage Insurance Premium that many FHA loans and Conventional loans add to your monthly mortgage payment
- Assumable Mortgage
- This could be really important in the future if interest rates start to rise; it could make it much easier to sell a property and have a new buyer assume the existing loan
Read the rest of this entry »
- This could be really important in the future if interest rates start to rise; it could make it much easier to sell a property and have a new buyer assume the existing loan
Housing relief for military families in Colorado Springs
Colorado Springs Military
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
Military families stationed at Fort Carson, Peterson AFA, Schriever AFA, and the U.S. Air Force Academy and other military installations in the Colorado Springs area will be glad to learn they may now be eligible for relief for their housing challenges.
An addition was made to the the Homeowners Assistance Program (HAP), administered by the Army Corps of 
Engineers. For military personnel in Colorado Springs, the main contact is US Army Corps on Engineers in Fort Worth. Their phone numbers are:
The program was originally intended to only assist military homeowners affected by base closings or a partial closure of a base.
According to the web site the new groups affected are:
- Homeowners who cannot ‘ride out’ the depressed real estate markets until their home values can recover, they are moving because of a Permanent Change of Station (PCS) order”
- Wounded warriors required to relocate for medical reasons
- Surviving spouses of fallen service members
Again, according to the web site: “HAP benefits offset some of the losses incurred when homes are sold, purchased by the government, or foreclosed upon. Applicants should understand that Read the rest of this entry »
NORAD is still alive and smaller under Cheyenne Mountain
NORAD
- After fierce competition Colorado Springs finally lands the Air Force Academy
- Military relocation? 6 tips to read before you buy a home
- An early history of Ft. Carson
- History of Ft. Carson part II
NORAD today, stills sits under the caverns of Cheyenne Mountain, even though its in a warm 
status. It may not be as large as it once was due to the consolidation of NORAD and Northcom now housed mainly at Peterson Air Force Base, but its still there protecting us from not just external but now internal threats with the help of the FAA.
In 1957, both Canada and the United States were reeling from the threats of the Soviet Union, especially after the launch of the first satellite, Sputnik. Everyone was scared and even schoolchildren were drilled on diving under their desks and covering their heads in case of a nuclear strike. Both countries realized the importance of a continental home alarm system. This lead to the creation of NORAD at Ent Air Force Base (now the Olympic Training Center). Read the rest of this entry »
Military relocation? 6 tips to read before you buy a home
Are you in the military?
Are you relocating to the Colorado Springs area? Do you want to purchase a home?
- Government and Military are #1 employers in El Paso County
- Relocate to an Award Winning City in the Colorado Rockies
- Relocating, it’s all about the schools
- High Altitude Tips
- Moving to Colorado Springs, check out Zip Skinny
Buying home is a complicated process which needs some investigation and education before making a decision. if you are in the military, you should ask yourself some questions before making the decision to purchase:
- Can you get financing? (It’s important to talk to a mortgage professional to get pre-qualified for a loan.)
- Is your tour of duty going to be longer than 2 years before the next PCS? If you know your current tour is less than two years, you have to weigh the risks of breaking even or even a loss when you go to sell.
- Will you have the opportunity to do another tour here or will you have an opportunity to come back? Read the rest of this entry »
Top 5 VA Loan Myths
Guest Blogger — Marry Ann Daniell
Search for Homes in Colorado Springs
It was only a year ago that I started blogging on an wonderful site, ActiveRain, which is an amazing resource for 
Realtors and anyone else involved in the Real Estate Industry. It’s has a wealth of information; and the most wonderful thing is that fellow Realtors all over the world share information with each other.
Since Colorado Springs has a high military population with both active duty and retired personnel, I thought this article would be helpful to share with our readers. Our military installations in the Colorado Springs area include: Fort Carson Army Base, the Air Force Academy, Peterson AFB & Schriever AFB, Cheyenne Mountain AFS and NORAD.
I’m very pleased to sh
are this article written by Mary Ann Daniell, a Realtor in Fort Hood Texas. I contacted Mary Ann and she gave me permission to share this article. You can contact her in Fort Hood at her Office Phone: (254) 547-4165 x 230, or send her an email at maryann@maryanndaniell.com. If you are ever looking for information on Fort Hodd, make sure and contact her.
Hope you enjoy her article!
One of the best benefits of the VA Guaranteed Home Loan is that you can purchase your home with no money down. Most buyers know this about the loan program, but there’s also plenty of misinformation floating around out there, too.
Some common misconceptions buyers often bring up during their search for financing:
VA Loan Myths
- I have to apply to VA for my VA loan
- I am already APPROVED for a VA loan since I am active duty military
- VA Loans can take 90 days to close
- I must have my Certificate of Eligibility in hand
- VA Inspects the home for defects before I buy the house
Here’s a quick clarification of these points about VA loans:
I have to apply to VA for a VA Loan – Not True!
You apply for a VA loan through a lender who is approved by VA to Read the rest of this entry »
Government and Military are #1 employers in El Paso County
Employment in El Paso County
Have you ever wondered what the top industries are in El Paso County?
I recently went to an Economic Breakfast Forum which included a presentation by Fred Crowley and this informative breakdown of employment in the area and I thought I’d share it with our readers. It’s good to see that the area has a wide variety of employment; as it’s important for the local economy to be diversified.
