Military PCS - Military PCS - Just Listed San Diego

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Military PCS

Marines, soldiers, sailors and airmen relocating to or leaving San Diego have distinct advantages when buying or selling real estate.
Here are the top 3 reasons why:

1. All active duty and retired military have the ability to purchase a home using their VA loan. The VA loan provides advantages such as no private mortgage insurance (PMI) requirement and zero down financing.

2. Base area housing (BAH) allowances can be used to pay for payments. San Diego active duty military personnel receive strong BAH rates in the area that can greatly help with buying power. Military have distinct advantages in that they can use their non-taxable base area housing allowance to pay their mortgage. Military personnel receive great tax benefits when purchasing a home by using non-taxable BAH to pay their mortgage.

3. Local San Diego and former military real estate professionals are here to help! As former USMC Captains and property owners, our team are experts in the VA loan process and military relocation. Use us to serve you to ensure that you are working with experts that you can trust. Due to the large number of active duty and retired military personnel in San Diego, there are great networks for transferring real estate to one another in purchases and sales. Military always enjoy the convenience of selling to other military members.

Homeowners Assistance Program (HAP) now helps San Diego military who receive PCS orders

FAQ's

What is "Expanded HAP"?

A. Congress created in the HAP program in 1966 (see Section 3374, Title 42 United States Code) to financially compensate eligible military and civilian Federal employee homeowners when the real estate market was adversely affected directly related to the closure or reduction-in-scope of operations due to Base Realignment and Closure (BRAC). The Army Corps of Engineers runs it on behalf of all the military branches. The American Recovery and Reinvestment Act of 2009 (ARRA), Public Law 111-5, expanded the HAP to provide assistance to:

Wounded members of the Armed Forces (30% or greater disability) and wounded Department of Defense (DoD) and Coast Guard civilian homeowners reassigned in furtherance of medical treatment or rehabilitation or due to medical retirement in connection with their disability;
Surviving spouses of the fallen
Base Realignment and Closure (BRAC) 2005 impacted homeowners relocating during the mortgage crisis; and
Service member homeowners undergoing Permanent Change of Station (PCS) moves during the mortgage crisis.

How do I apply?

A. Visit the HAP web site: http://hap.usace.army.mil/ and download the application package. Complete the application and mail to the U.S. Army Corps of Engineer District responsible for the area in which your home is located.

Will the application packages be handled in a first come first served manner?

A. Applications will be processed as quickly as possible according to eligibility in the following order:

Wounded, Injured, and Ill. Within this category, applications will generally be processed in chronological order of the wound, injury, or illness.
Surviving Spouses. Within this category, applications will generally be processed in chronological order of the date of death of the member or employee.
BRAC 2005 Members and Civilian Employees. Within this category, applications will generally be processed in chronological order of the date of job elimination.
Permanently Reassigned Members of the Armed Forces. Within this category, applications will generally be processed beginning with the earliest report-not-later-than date of PCS orders.

If I am eligible, what should I do after I mail in my completed application?

A. Each individual's situation is unique. Contact the CoE District office where your home is located for assistance.

What rights do I have if I am not satisfied with decisions made regarding Expanded HAP?

A. You have the right to appeal any decision denying benefits or contesting the amount of benefits allowed. No particular format is required. Simply submit a written statement of your objections to the district office. The appeal will be reviewed at the district level. If favorable action cannot be taken, your appeal will be submitted to higher headquarters. If a favorable decision cannot be made at this level, a final decision will be made by the Deputy Under Secretary of Defense (Installations and Environment).

What are the specific eligibility requirements for Permanent Change of Station (PCS)?

A. PCS refers to the assignment or transfer of a member to a different permanent duty station (PDS), to include relocation to place of retirement, under a competent authorization/order that does not specify the duty as temporary, provide for further assignment to a new PDS, or direct the military service member return to the old PDS.

To qualify, a service member must have:

owned home prior to July 1, 2006.
have PCS orders dated between February 1, 2006 and September 30, 2010
be reassigned to a new duty station or home port outside a 50-mile radius of the member's former duty station or home port. The orders must specify a report-no-later-than date of on or before February 28, 2010. These dates may be extended to September 30, 2012 at the discretion of the DUSD(I&E) based on availability of funds.
suffered at least a 10% home value loss between July 1, 2006 and date of application for Expanded HAP benefits for the county/parish/city in which the primary residence is located, and
10% decline of personal home value loss from the date of purchase to date of sale.

Will my Expanded HAP benefits be taxable?

A. No. President Obama signed HR 3548, Unemployment Compensation Extension Act of 2009 into law and thereby exempted Expanded HAP benefit payments from taxation. Payments to military members are not subject to social security or Medicare taxes.

Tax documents will be certified by the HQUSACE Finance Center, and distributed to applicants and the Internal Revenue Service (IRS) on an annual basis.

Who pays the closing costs when the government purchases a home under the Expanded HAP?

A. The Government will pay for title services to close the transaction, and any other allowable closing costs.

Will I have to bring any money to closing?

A. If you occupy your home until or nearly until the closing date and have not made payment for the month, you will be responsible for interest due for the previous month plus year-to-date real estate taxes.

If I rent my house before I sell it, will it impact HAP benefits?

A. No. Rental income is not deducted from benefit payments.

Is there any information I should include in the lease regarding the Expanded HAP?

A. Make certain the lease agreement contains the following clause: "If the leased premises are approved for purchase by the United States of America under the Homeowners Assistance Program, pursuant to P.L. 89-754 and P.L. 111-5, the Lessor shall have the right to terminate this lease by providing to the Lessee either a 30 or 60-day written notice to vacate the premises."

I had a contract to purchase my home prior to July 1, 2006, but closed after that date, do I qualify?

A. If you are a Military PCS eligible applicant and were under contract to purchase prior to 1 July 2006 and closed after that date, you would qualify. For applicants eligible as Wounded, Injured or Ill and Surviving Spouses the requirement to purchase the primary residence prior to July 1, 2006 does not apply.

Will HAP assign me to a realtor?

No, it is the responsibility of the homeowner to find their own realtor. HAP recommends finding a local realtor familiar with the HAP process. In San Diego, the Trident Realty Group is owned by two former Marine Corps Captains and has helped over a dozen local military with their HAP transaction. You can contact them at 858.756.9287 or email at: TridentRE@gmail.com

http://www.justlistedsandiego.com/00AFFA

Posted on August 27, 2010 20:58:59 by Trident Realty Group

Posted in About Just Listed San Diego, List your San Diego Home, Military PCS, San Diego Short Sales

2010 VA Home Loan limits in San Diego REDUCED!

The Veterans Administration announced that zero-down loan limits for VA-guaranteed mortgages will be reduced to $437,500 in San Diego County. The high-balance VA jumbo mortgage program started in 2008 and allowed for zero down loans up to $697,000. As prices declined, that number was reduced to $593,750 for 2009.

Median prices across Southern California stabilized in 2009 in response to the high balance loan program, foreclosure stays, and home buyer tax credits. San Diego County's median price rose from $323,000 in October 2008 to $325,000 in October 2009. It is anticipated that the 2010 VA loan limit should facilitate approximately 75% of the sales prices for 2010.

2010 VA loan limits in Southern California:

San Diego $437,500

Los Angeles $593,750

Orange $593,750

Riverside $417,000

San Bernardino $417,000

VA Crest

http://www.justlistedsandiego.com/00A80E

Posted on February 27, 2010 01:39:09 by Trident Realty Group

Posted in About Just Listed San Diego, San Diego Coastal Buyers, First Time Buyers, Military PCS, Corporate Relocation, Mortgage Calculator

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Housing Assistance Program (HAP) is helping San Diego Active Duty military

HAP Housing Assistance Program

Department of Defense Homeowner's Assistance Program (HAP)has been expanded through the American Recovery and Reinvestment Act of February 2009. HAP covers Wounded Warriors/Ill, Surviving Spouses, BRAC and Service Member Homeowners on PCS. Qualifications are not income or rank based- however, time and date criteria exists. A list of the qualifications for HAP are available here.

Final Rule- UPDATE 2/20/2010- Comments on the Interim Rule closed January 15th, 2010. Office of the Secretary of Defense should be publishing Final Rule as soon as Pentagon and OMB review. Under consideration is a change to the way the 10% decline in market value is determined, an increase to the maximum PFMV qualified for benefits and closing costs not previously covered (like HOAs).

**If you have not applied because you felt you were disqualified by current rules by a narrow margin- PLEASE send in an application. Personnel have stated that applications give them basis for rule change requests.

To view the Rule-
Go to: www.regulations.gov
At keyword or ID type in the docket number: DoD-2009-os-0090
Tax Status- Congress passed legislation to make HAP benefits tax free for Federal purposes on November 5th, 2009. You will want to assure your state has a law automatically aligning with Federal law, or that State legislature followed suit in passing its own law.

Application Receipt- Army Corps of Engineers is processing applications for Expanded Homeowner's Assistance Program. You will receive a letter confirming receipt of your application with the assigned number. Applications will process in chronological order of permanent transfer date as members obtain sale contracts on their properties with qualified buyers.

Offer Letter- This letter will be forwarded to you after an offer is submitted on the property in the case of a PRIVATE SALE AUGMENTATION. A copy of a sample offer letter from Savannah available here.

Entitlements Letter-You must request this letter once your application is confirmed received for government ACQUISITION. This serves as proof your application has been deemed qualified to receive benefits. It gives you the numbers you need to determine how much you are expected to bring to the table for close in an acquisition. For Sacramento sample entitlement letter click here.

Government Contract- If you have applied for Government Acquisition you will then receive two government contracts. One is between Service member Seller and the U.S. Government. The second is between the U.S. Government and the Buyer. Sample can't be posted as the draft keeps changing.

For more info: email: danchapman@me.com