Tuesday, March 3, 2009

Stimulus Pkg May Help Military Families Who Are Selling Homes

Ahh, moving. The one word that is at the top of every military brat's minds. Two or three year rotations. Inevitable. Exciting. Difficult. I could go on for hours. If you're in the military, or part of a military family, you truly know the drill. You also may be able to pack up your entire life in less than 24 hrs. We're pros.

With the housing market being the way it is, and the economy seemingly hidding under the world's imaginary covers (I'd hide there too for the record), many military families have begun to dread PCSing. Buying a house at a new station is always a risk, but sometimes that risk pays off, and then again sometimes it doesn't.

For all the families who are looking towards a PCS and have begun planning, here's some positive news I'd like to share from military.com. It's been reported that the new stimulus bill may be helping you out when it comes to selling your homes.

"The stimulus package includes $555 million in aid to compensate military service members who are given orders and must sell their homes for less than market value. The Department of Defense would reimburse the individuals for up to 95 percent of the loss if the homes were purchased before July 1, 2006. The department could also elect to purchase the homes for up to 90 percent of the fair market value."

As of right now, everything is in a holding pattern until the DOD figures out which "value" it uses as a benchmark - in today's market, or the market condition at the time of purchase. This could result in tens of thousands of aid being delivered to our military members who need it most! Fingers crossed, I'm hoping that this helps many of you and maybe even my family who weren't able to sell their home two years ago before PCSing.

1 comment:

Wickedly Scarlett said...

We heard about that and got all excited since our house has depreciated by about 40-50K since we bought it. Then we saw that it had to be purchased before July '06. We bought ours in September '06. GAH!!!