HAP Sales and Closing Costs - Destin, Niceville and Fort Walton Beach
CURRENTLY, HAP WILL NOT PAY 3% IN BUYERS CLOSING COSTS AND PRE-PAIDS!
I am at the final stages of a HAP sale for a home in Niceville Florida and wanted to write a post to clarify an important change in the HAP program.
HAP is the "Homeowners Assistance Program" for those that are so gracious to serve in our Nation's Military.
Below is the basic definition of HAP pulled from their web site.
"The Department of Defense (DOD) is proud to offer the Homeowners Assistance Program (HAP) to eligible service members and federal civilian, including non-appropriated fund, employees. The program is authorized by law, and administered by the US Army Corps of Engineers (USACE) to assist eligible homeowners who face financial loss when selling their primary residence homes in areas where real estate values have declined because of a base closure or realignment announcement."
This is a great program but just like any program, it changes constantly. In the past, HAP would pay 3% towards buyer's closing costs and pre-paids. Recently this has changed and HAP will only pay closing costs that they consider to be standard closing costs. If someone tells you that HAP has contributed to buyer's closing costs in the past, this is true, but understand this policy has changed and do your best to submit a more standard contract with a standard split of the closing costs. I hope this helps!
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