New Program Helps Military Families Buy Hampton Homes for Sale

SUMMARY: There are several different ways in the American Recovery and Reinvestment Act of 2009 can help military families relocate to new Hampton homes for sale, sell their old homes without losing money and save a little bit of money in the process.

Langley Air Force Base -- situated in Hampton, Virginia – employs more than 10,000 people. However, there is less than 2,000 airmen, officers and dependents living on the base. Therefore, many of the pilots and their families have chosen to settle in comfortable Hampton homes for sale. Yet there are still other obstacles to relocation – notably the housing crisis. Sensing the difficulty of asking military service members to sell and buy very quickly in a struggling market, President Obama allocated $555 million in the stimulus package for military families who are given orders and have to sell their homes for less than market value.

The Department of Defense says there are several basic requirements for those looking to sell and move into Hampton homes for sale using federal assistance money:

-          The property being sold must be the primary residence of the service member.

-          The property must have been purchased prior to July 1, 2006.

-          The service member must have permanent reassignment orders to a station outside 50 miles from the prior base or installation.

-          The property must be sold between July 1, 2006 and September 30, 2012.

If the service member meets these requirements, he or she will be eligible to receive up to 95% of the loss. The government may also elect to purchase the home for 90% of the fair market value. Providing these funds would be a great help for people relocating to Hampton homes for sale. For more information regarding this portion of the American Recovery and Reinvestment Act of 2009, military members may contact their base’s Staff Judge Advocate Office.

Hampton, Virginia is an interesting place because of its close proximity to government and military complexes. In addition to Langley Air Force Base – the oldest continuously operational air force base in the United States – Hampton is also located near: Fort Monroe, Fort Eustis, Yorktown, the Naval Weapons Station, Norfolk Naval Station, Littlecreek Amphibious Base, Damneck Naval Annex, Oceana NAS, Cheatham Annex, Camp Perry, Fort Story and the Yorktown Coast Guard Training Command. People looking at Hampton homes for sale will likely have neighbors that are also part of the United States military-industrial complex.

Over the years, Hampton homes for sale have appreciated quicker than the US average. Job growth from 2004-2005 created a housing boom, dropping available inventory and causing home values to double by 2007 to $239,400. Currently, the median price of Hampton homes for sale is around $191,900. Moody economists suspect prices may drop another $15,000 or so, but the bottom is in sight.

There are many reasons to seek out Hampton homes for sale sooner, rather than later. Another part of the stimulus bill offers an $8,000 new home credit for First Time Buyers making less than $75,000 individually (or $150,000 for married couples) who purchase new homes between January and November, 2009. Additionally, the stimulus plan is putting more money back in buyers’ pockets by reducing the tax burden on couples making less than $190,000 and individuals making less than $95,000, which means most middle class families will see an extra $800 per year. To sweeten the deal even further, the average bank is offering a 30-year fixed-rate mortgage at 4.61%, a two-percent-point drop since last July.