Molitary homeowner assistance program

Have served 90 days active duty between August 2, and April 6, or September 11, to present. Or is a federal status injured service person having served in active duty August 2, to April 6, or September 11, to present. Or is a surviving spouse of said eligible service person who has had a discharge other than dishonorable.

At this time, IFA will approve a grant with non-IFA financing if the lender demonstrates that such financing is a fixed rate, permanent, fully amortizing mortgage loan that is lower-cost than the most comparable IFA mortgage product available at the time the applicable loan estimate is issued.

The home must be located in the state of Iowa and must be purchased by the eligible service member. A property containing up to four units, if one of the units will be the primary residence of the service member. The IFA participating lender takes the loan application and collects all necessary documents to verify eligibility.

Although HAP is exempt from Federal taxes, there may be state taxes that military members may have to pay. Applicants who had taxes withheld prior to the President signing the law change should receive a W2c which is a corrected Wage and Tax Statement from the Internal Revenue Service. As with any complicated tax situation, HAP applicants should seek legal and tax assistance if there are any specific questions about the tax implications of HAP benefit payments.

Ryan Guina is The Military Wallet's founder. He is a writer, small business owner, and entrepreneur. Ryan started The Military Wallet in after separating from active duty military service and has been writing about financial, small business, and military benefits topics since then.

He also writes about personal finance and investing at Cash Money Life. Ryan uses Personal Capital to track and manage his finances. Personal Capital is a free software program that allows him to track his net worth, balance his investment portfolio, track his income and expenses, and much more.

You can open a free Personal Capital account here. Featured In: Ryan's writing has been featured in the following publications: Forbes, Military. We divorced in He due to return July Through court ordered we are to sell the home in July Do we qualify for the program? This is a hard time for all of us. My family is under a lot of stress.

So, I guess I can say we went in with our eyes closed. It is so hard when you try so hard to be good citizens, pay all your notes on time, have great credit and are forced to make decisions that can destroy a life time of good standing. May God help us! So… not eligible for the HAP program. Who pays realator fees in a short sale? How does the benefits under the National Mortgage Settlement apply for military members forced to move and do not qualify for benefits under HAP? Load More Comments.

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References to third-party products, rates and offers may change without notice. Advertising Notice: The Military Wallet and Three Creeks Media, its parent and affiliate companies, may receive compensation through advertising placements on The Military Wallet; For any rankings or lists on this site, The Military Wallet may receive compensation from the companies being ranked and this compensation may affect how, where and in what order products and companies appear in the rankings and lists.

No tables, rankings or lists are fully comprehensive and do not include all companies or available products. Any opinions are those of the author alone, and not those of an advertiser to the site nor of The Military Wallet. Wounded military members and surviving spouses may also qualify under new provisions of the HAP laws.