Fort Hood, TX

I've been getting a lot of questions lately about the HAP program. There's a lot of talk floating around about it, and sellers are are wondering if they even qualify for any of the program benefits.

The Home Owners Assistance Program may be of help to certain Ft. Hood home owners who need to sell and need some financial assistance to do so, but figuring out of you qualify for help takes a bit of analysis.

One of the best features of HAP is that it is NOT a short sale, and it does not affect your VA loan eligibility nor your credit report!

The main issue with the program is that they have recently instituted a date limitation for PCS orders, which keeps a large group of deserving PCS sellers from getting help.

The restrictions come into play if you are making a PCS at least 50 miles from Ft. Hood. To qualify to sell your Ft. Hood real estate under the HAP program, you must have received orders PRIOR to 30 September 2010 but no earlier than 1 February 2006, AND have purchased your home PRIOR to 1 July 2006.

These restrictions mean that the program can't help you if your orders were issued after 30 September 2010. BUT, if your orders were prior to 30 Sept 2010, and you did purchase your house prior to 1 July 2006, it's worth exploring this program.

If you are a Wounded Warrior with at least a 30% disability, and you are being transferred to another location for more medical treatment, you qualify for this program with no limitation on dates.

A surviving spouse of a Wounded Warrior also qualifies for this program.

Certain civilians also qualify to use this program

The Homeowners Assistance Program worked very well for my clients, who included sellers who received orders prior to the September cut off, and sellers who were Wounded Warriors. I've closed several transactions using HAP, and all went very well! One homeowner even received an excess benefit refund after closing.

So what should you do if you think you may qualify? Contact a Killeen Ft. Hood real estate professional who has experience with the ins and outs of the HAP program! Reading all the requirements online is helpful, but having the advice of someone who has actually worked through several transactions with the government will be even more valuable. You'll get your home priced right, sold quickly and be on your way soon.

Read more about the HAP program at http://hap.usace.army.mil/EP_PCS.html.

Here in the Fort Hood Texas area, we have not been affected by the housing crash like other areas of the country, however, we have some decline in prices. Because of that, there has not been a better time to buy a home in a long time. Another reason that it is a good time to buy is because of the low interest rates. Many of our buyers use their VA loan which is great - so that they do not have to put any money down. In addition to the VA loan program, there is a program through the state of Texas called the Texas Veterans Land Board. It is not just for land though. Most local lenders can explain the TexVet program to the buyers. The Texas Veteran Interest Rates remained low this week, at 4.6%. There is also a 1/2% deduction for our disabled veterans of 30% or more.

The Texas Veterans Land Board offers low interest home and land loans to qualifying veterans . At this time, rates for disabled veterans with at least a 30% disability are at 3.88% for a 30 year fixed rate loan. No downpayment is required, but a 1% participation fee is. The seller may pay this participation fee for the buyer.

Today's rate for veterans with no disability is at 4.38%, and also requires no down payment, but does require the 1% particpation fee.

As a little bit of history, the Texas Veterans Land Board was created after WWII, to assist Texas veterans by providing low interest, long term loans to purchase land. The program expanded in 1983 to provide loans for homes as well. This is a self supporting program, funded by bonds approved by Texas voters, and uses no tax payer money. The bonds are serviced by funds paid in by participating veterans.

To find out if you qualify for this low interest loan program, call me at 254-681-4875, or visit Texas Veterans Land Board for all the eligibility information.

Your Tex Vet loan is obtained through a lender who is approved to originate Tex Vet loans. If you'd like a list of local Killeen Fort Hood mortgage lenders who work with the Tex Vet program, contact me!

Killeen Texas is the city closest to Fort Hood Army Base in Central Texas. Other surrounding cities include Copperas Cove, Harker Heights, Nolanville and Kempner - all within a reasonable driving distance to the base - no more than 20 minutes at the most.

Currently our area has 40 foreclosures (as of May 4, 2010) that are active on the MLS and most are really great deals!

Click this link to see what is on the market today and let contact me for additional information. FORECLOSURES IN FORT HOOD AREA

Primarily this is a first time buyer market- which also makes it popular for investors looking to purchase to rent- or purchase to fix and flip. Texas Heritage Real Estate offers assistance with selling, buying and property management. At this time we have around 350 properties in our management portfolio and are always happy to talk with new owners about taking care of their property.

Since this is a military community - most buyers here will prequalify for a VA loan -which requires $0 down payment and offers a competitive interest rate while eliminating the requirement for PMI. These loan features make buying a home in the Killeen / Fort Hood area very attractive -even to a first time buyer with limited income. Its true in our area that buying will afford you more house than renting.

The average home price in Killeen hovers around the $120K mark - and inside the city limits of Killeen - using a VA loan with $0 down payment - a new buyer can expect a total mortgage payment (including escrow for taxes and insurance) of around $1050.00 per month. Not to mention that $120K in Killeen Texas will even afford a buyer a BRAND NEW CONSTRUCTION HOME around 1500 square feet! NO KIDDING!

Fort Hood is one of the largest United States military installations in the world, and is the home of III Corps, 1st Cavalry Division, 13th Sustainment Command, First Army Division West, 3rd Armored Cavalry Regiment, 41st Fires Brigade and many other corps and echelons above corps units. This huge base spans 339 square miles of real estate and houses over 30,000 troops and their families. Added to the populations of the surrounding cities - the area is reaching towards the 150K+ mark considering total population.

Needing real estate assistance for your purchase in the Killeen - Fort Hood area? Contact me at (254) 291-6826 or visit my website at www.PaulaSOLDit.comfor ALL area listings in the MLS. Homes for sale in the Killeen area will amaze you!