There is no doubt that Military Relocating to Hawaii need housing and most active duty and vets are still taking advantage of their VA Guaranteed Loan.
VA Guarantees a percentage of the loan and you still have to go through a Lender that actually does do VA Loans and it is for your OWN PERSONAL USE. (not all banks, credit unions and loan companies do VA Loans). The Veterans Administration Guaranteed Loan is most likely the best choice for most miiltary because they can do 100% financing and roll the funding fee into the loan. For disabled vets who are 30% and more disabled are exempt from the funding fee.
In my experience, the Hawaii Based Military personnel have purchased homes or condos totalling 1/3 of my total sales with their VA loan benefits. I have learned the process very well and you may as well consider me a Seasoned Real Estate Agent for VA Transations and the Hawaii Military Relocation.
For the HAWAII VA LOAN PROCESS click here>>>>This Realtors® Perspective: Hawaii Military & the VA Loan
Though VA loans are always a great choice keep in mind that ALL Lenders are being very cautious and strict with whom they approve.
- Make sure all your financial documents are in order and you are not overextended with your credit.
- Speak to a Hawaii Local Lender who knows our Hawaii Real Estate Contract and Laws
- Be proactive in your search for Buying Your Hawaii Home by contacting an experienced Realtor® who knows the VA Loan Process!
- Be prepared to go through bumps and curves along the way. VA appraisers are taking longer and Lenders are going through everything with a fine tooth comb.
Just know that your Hawaii VA Loan & transaction with be in good hands with a Hawaii Realtor® who knows the VA real estate transaction and loan process and a Hawaii Local Lender who knows our Hawaii Purchase Contracts and Hawaii Real Estate laws.
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© 2008 Celeste "Sally" Cheeseman, All rights reserved
Celeste "Sally" Cheeseman is a Realtor-Associate® and Certified Residential Specialist (CRS) with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.
© 2007-2012 Celeste "Sally" Cheeseman's Hawaii Real Estate and Relocation Blog.
All rights reserved.
One of my buyers did a VA loan earlier this year (it was my first experience with a VA loan) and it was remarkably easy, with only one hitch. My buyer ended up having to pay for full homeowners insurance on the condo he was buying, instead of the typical condo insurance...and nothing the attorney could say would get them to "understand" the realities of condo ownership and the fact that the HOA insurance covers the building and common areas. So it ended up costing him a few hundred extra dollars at the closing table. They do have some quirks, but overall, it was still a fairly smooth process.
Sally,
Of course, any of the large national mortgage bankers will do VA mortgages...e.g. Wells Fargo, Chase, GMAC Mortgage, etc... Thanks, Fran
Hi Sally,
VA loan products have become popular in our community as well. Most buyers transact cash purchases, however some of the Boomers are taking advantage of VA and FHA loans.
Glad you have learned the process. Knowledge helps simplify the deal for the seller, buyer and Agent too.
HI SALLY!
You're really expressing your value and expertise in Miliary Relocations. Have an awesome weekend!
Sally, VA loans are a speciality of mine. I am a Vet, I have a VA loan and I think it is one of the best things out there. A lot of people don't realize that you can qualify for a VA loan with only 3 months active duty, so a lot of people are qualified.
Kelly: Why would he have to pay full homeowners when the association takes care of the bulk of homeowners insurance (maintenance fees) or did it not? Is it different over there? I have a townhouse and I pay only for the condo (inside of the unit) insurance,
Even for a single family I currently have in contract....because it is in a 'condo association' they have their hazard insurance included (they have maintenance fees and association fees)
Fran: But we still have to have a local mortgage broker (Wells is currently doing two of my VA transactions but we are working with a local mortgage broker) because I tell you what....the LO we are working with has pulled us out of many binds along the way because Wells (mainaland) still has to have guidance for VA loans for some reason.
Hal: Not to mention working well with a loan officer who knows his/her stuff too!
Yvette: Yup...and when they meet me it is exactly as I say (write) :)
Fred: I found that one out a few years back....I had a buyer who just got out of Ranger school three months prior :)
EXACTLY!
He shouldn't have had to. You should have seen us at the closing. The buyer was on the phone with his VA lender, arguing. The attorney got on the phone with the VA lender, arguing. The title company was stumped. The attorney was stumped. I was stumped. The insurance guy was stumped (he's done policies in that community many times without any problems like this). The VA lender had proof of condo assoc. insurance coverage on the building & common area, etc. as is typical. It is a condominium by every definition, and was a VA approved condominium community, to boot. Even the previous owners only paid for "condo" insurance coverage.
Bottom line: The VA lender absolutely would not allow him to close without a full homeowners policy. They said the condo coverage was "not good enough" for them. The buyer was between a rock and a hard place and went ahead and purchased the additional coverage from his insurance guy over the phone so that he could close.
Who knows?
Hi Sally,
You are the one to go to for Military re locations with your knowledge of the VA loan process your clients are in good hands! :)
Kelly: That's so wrong....wait until closing to find out you owe more money...geez.
Suzanne: WooHooo! I know one thing...I have happy clients :) :)
Sally--I think the VA loan is going to be making a comeback big time. The first and best no money down option going to our veterans. Good information!
Sally! Again... I googled VA Hawaii mortgage and Boom! there you were again! Good work~
I am impressed by your confidence in your loan officer... Who do you work with?
A Hui Hou! Jay Oku
Teri: VA has been always the "IN" thing for our military in Hawaii....so it's no wonder it's still a popular choice today.
Jay: Ah...David Heiss, Diamond Financial Services....he's also many Realtors® Tax Man...he knows his stuff...and I wish he'd write a post so I can introduce him....I did a post with a video with him in it....back in April ...turned out pretty good.
Sally VA Loans are not difficult to do if you know what you are doing. Here in Connecticut we can do a Connecticut Housing Finance Authority Loan (CHFA)/VA. By doing this the Borrower gets the low interest rate of a CHFA loan along with the advantage of no downpayment of a VA loan.
Sally - Terrific information on the Hawaii VA loan process for military buyers. I have heard great things about VA loans but have never had the opportunity to work with a buyer who needed one. It doesn't help that we don't have any of the big military bases in my area either. :-)
Good post, Sally - I'll bet that debt/income ratios will be even further scrutinized for VA loans too. Things are going to tighten up...the good part of it will be that those who make it through approval will be solid.
Sally, This is great information--I wonder how many clients are familiar with the process and exactly what is needed--and to be prepared. You certainly DO have happy clients, you go out of your way to do all you can for them.
George: Looks like you have a great program there. I just had an offer accepted ....where the agent said that the seller may or may not accept a VA (I had already looked on tax records and the seller bought with a VA) so it's all like you said....if they know what they're doing.
Donna: I suppose it does help that we have many bases and military presence here :)
Kent: And so the case with a current transaction....although they have both on the loan now. :)
Carole: I really take pride in that :) :)
Sally - We have an Air Force base in South Tampa and often have buyers that want to be on our side of Tampa Bay (an easy drive to the base)