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Archive for the ‘New Homes for Military Families’ Category

MORE HELP FOR THE MILITARY HOME BUYERS

Posted by Campbell-Homes
More help for military families buying a new home

More help for military families buying a new home

Each week New Homes for Sale Colorado Springs discusses useful information on homes, family, and community. Covering a different topic each week, this thought provoking and educational blog is provided by new home builder Campbell Homes in Colorado Springs, Colorado.

Several weeks ago we made a point of reminding active duty military and department of defense contractors that the tax credit for deployed military home buyers is available until April 30, 2011 for contracts and  June 30, 2011 for closings. Now we want to make sure you are aware of yet another phenomenal program that is available to members of the military who meet qualifying circumstances in qualifying communities.

THE HOMEOWNERS ASSISTANCE PROGRAM (HAP)

The Department of Defense (DOD) is proud to offer the Homeowners Assistance Program (HAP). The Homeowners Assistance Program, authorized in Section 1013 of the Demonstration Cities and Metropolitan Development Act of 1966, provides some monetary relief to eligible service member (including Coast Guard) and federal employee (including non-appropriated fund) homeowners who suffer financial loss on the sale of their primary residences when a base closure or realignment announcement causes a decline in the residential real estate market and they are not able to sell their homes under reasonable terms or conditions.

The American Recovery and Reinvestment Act of 2009 (ARRA) temporarily expands the HAP to assist service members and Department of Defense employees who are wounded, injured or become ill when deployed.  Benefits are also extended to surviving spouses of service members or Department of Defense employees who are killed or died of wounds while deployed.

The US Army Corps of Engineers will analyze your community’s real estate market, conduct market impact studies, and make a recommendation to the Deputy Assistant Secretary of the Army for Installations and Housing for a final determination. If it is found and proven that an announcement caused a significant decline in a residential real estate market, a  HAP may be approved.

The basic application is made on DD Form 1607, Application for Homeowners Assistance Program. Part III, Section IV of the form must be completed by the military or Department of Defense employee’s personnel officer. In addition, applicant must submit a variety of documents to show evidence of property ownership, occupancy dates, assignment orders, efforts to sell the home (whether it was sold), and mortgage details.

Certain conditions do apply to this program with purchase limits depending on individual states. For additional questions on the Home Owners Assistance Program, contact the field office that covers the territory you live in.

The Homebuyer Tax Credit is Extended for Active Duty Military!

Posted by Campbell-Homes

Campbell Homes Wants You To Know the Homebuyer Tax Credit is Extended for Active Duty Military!

Tax Credit Extended

Tax Credit Extended

Did you know that special rules for the homebuyer tax credit apply for members of the military, the Foreign Service, and the intelligence community?

Due to unique circumstances affecting members of the military, the foreign service and the intelligence community, Congress has made the following exceptions to the existing tax credit for both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

Extension of Tax Credit Deadlines

  • The homebuyer tax credit is available for qualified purchases with a home contract in by April 30, 2010 and home closing by June 30, 2010.
  • However, for qualified service members who are ordered on an extended period of official duty, these deadlines are extended for one year. For qualified military members, the tax credit applies to sales with a home contract in place by April 30, 2011 and closed by June 30, 2011.

Definitions

  • “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
  • “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
First Time Home Buyer Tax Credit Extended for Military

First Time Home Buyer Tax Credit Extended for Military

For additional information on the current tax credit for home buyers or qualified military home buyers, visit any new home sales counselor at Campbell Homes, Donni Feldman at Peoples Mortgage, or The National Association of Home Builders.