As a US Air Force Veteran and certified MRP ( Military Relocation Professional) I am always interested in helping Veterans with their housing needs.
Did you know that in 2019 Hawaii increased it VA loan limits to $726,525? This is a huge increase of $46,875 from a year ago. If you are a Veteran this is a perfect opportunity to buy your dream home. Did you know you can even buy a condo with a VA loan?
More than 21 million Veterans and Service members live in the U.S. today, but only about 6 percent of them bought a home using a VA home loan in the past five years.
Don’t let this benefit go unused if you are a Veteran!
So, who qualifies for a Hawaii VA Loan?
- A buyer who has served 90 consecutive days of active service during wartime; or
- A buyer has served 181 days of active service during peacetime; or
- A buyer has more than 6 years of service in the National Guard or Reserves; or
- A buyer is the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
Here are a couple things that you might not have known about VA loans.
- No down payment is required and no mortgage insurance
- You can use your benefit time and time again- pay one house off… buy another (as long as it is your new primary residence)
- Your benefit never ever expires! Don’t think because your older you can’t use this program.
- Surviving spouses may be eligible to use their loved ones benefit
- VA loan rates are super low right now!
- Unlike many loan programs, a lower credit score, bankruptcy or foreclosure does not disqualify you from a VA home loan.
- VA Funding Fees may be waived. Disabled Veterans who are receiving compensation for a service-connected disability are exempt. Likewise, Veterans who are eligible for disability compensation, but are receiving retirement or active duty pay instead, are also exempt from the fee.
- You can buy many types of properties with a VA loan, including a single-family (free-standing) home, a home of up to four units, and even manufactured homes. But condominiums are commonly overlooked by VA home buyers.
- Even homeowners without a VA loan can use a VA refinance. The VA cash-out loan is available to eligible Veterans who don’t have a VA loan currently. As its name suggests, a VA cash-out refinance can be used to turn your home’s equity into cash. You simply take out a bigger loan than what you currently owe. The difference is issued to you at closing.
If you have any questions about the VA loan or how to go about getting starting with the home buying or selling process, please give me a call today. I would love to hear from you and share my knowledge. 808-895-5740 – Arica Mitchell