Hawaii VA Loans

3 Minute Thursdays: 3 Options When Your Appraised Value is Low

ccarreira — Thu, 19 Jan 2012 00:46:49 +0000

Your appraised value on the home you’re purchasing comes in below the sales price -What do you do? Loan Specialist, Tee Iwaishi gives three solutions on how this situation can be resolved. The seller, or the buyer (you) can agree to cover the difference. You can also split the difference with the seller.

3 Minute Thursdays: What is Title Insurance?

ccarreira — Thu, 12 Jan 2012 20:40:47 +0000

This week, Aaron Tangonan, with Fidelity National Title defines title insurance. Title insurance is basically a guarantee that you own your property free and clear of any claims by other entities. Any time you get a loan, the lender will require you to purchase title insurance. Title insurance can be the most expensive closing cost, but don’t worry! There are 3 ways to save on title insurance costs. Watch now to find out how to save.

3 Minute Thursdays: What Determines Your Interest Rate?

ccarreira — Thu, 05 Jan 2012 00:05:19 +0000

Jim Owens, our in-house home loan guru explains the many factors that go in to determining your interest rate. Current interest rate market, the type of loan program you choose, down payment/credit score, and the paying of discount points determine your interest rate. Get in-depth with us on all four of these factors in this week’s 3 Minute Thursdays.

3 Minute Thursdays: What is a Photovoltaic System?

ccarreira — Thu, 29 Dec 2011 21:26:08 +0000

Sid Villaflor, with Hawaiian Island Solar explains what a Photovoltaic (PV) System is, and the benefits and savings it can provide. Some advantages are that it will eventually pay for itself, your electric bill can go as low as under $20 a month, and financing is available for up front costs. Get with the green crowd and start generating your own electricity using the sun!

VA Funding Fee Changes – Or Not!

Jim Owens — Tue, 20 Dec 2011 00:37:02 +0000

A few months ago we announced there were going to be reductions to the VA Funding Fees for each VA loan scenario. Then, just before the changes were set to take effect, our friends in Washington (no, not the VA, we like them : ) enacted a law to revert the VA Funding Fee to the previous level.

Lowered Again, then Raised Again

Some lucky borrowers closed within the few day window in which the lowered fees had taken effect. Temporary legislation changed the fees back to the higher levels for about a month. Guess what? That legislation expired and fees went back down again for a few days…before reverting back up once again.

And Finally…

Unfortunately, the dust has now settled and fees are once again back to the levels that they have been for the last few years. We do not anticipate any new changes coming soon. Of course, the last announcements were a surprise as well. So, we’ll keep you posted, but for now, it’s business as usual.

Here are the fees:

Note: First Time Use (Active Duty – National Guard & Reserves add 0.25%)

No Down Payment: 2.15%
5% – 9.99% Down: 1.50%
10% Down or More: 1.25%

Subsequent Use

Less than 5% down, Active Duty & Guard/Reserves: 3.30%
With 5% down or more, the first time use rates apply

3 Minute Thursdays: 3 Tips on how to Save on Homeowners Insurance

ccarreira — Thu, 15 Dec 2011 21:34:10 +0000

Ryan Thornton, with Insurance Associates is back to tell us how to keep those homeowners policy costs low. Ryan offers three easy ways to save money by making small adjustments, such as combining auto and home insurance, separating hurricane insurance from fire insurance, and getting a monitored alarm system in your home. Contact your insurance companies to find if they can offer any of these three options to you.

2012 VA Loan Limits – Slight Decrease

Jim Owens — Fri, 09 Dec 2011 00:50:53 +0000

With the new year comes new VA loan limits. Unfortunately, the loan limit for Honolulu has gone down considerably (it remains unchanged for the outer islands). We’ve seen this in the past, it seems like the limit is a pendulum swinging lower one year and higher the next. Here are the new numbers:

Honolulu County: 2011 VA Loan Limit =$695,750 (2010 Limits – $741,250)
Hawaii County: 2011 VA Loan Limit = $625,500 (2010 Limits – $625,500)
Kauai County: 2011 VA Loan Limit = $625,500 (2010 Limits – $625,500)
Maui County: 2011 VA Loan Limit = $625,500 (2010 Limits – $625,500)

There are a few important things to remember when taking the loan limits into account:

Loan Amounts up to $625,500 – All Islands – 100% financing (no down payment) is available and at the best possible pricing.

Loan Amounts from $625,501 to $695,750 – Oahu – 100% financing (no down payment) is available, but due to the loan amount being above the “conforming” loan limits, loans are considered “VA High Balance.” As a result, they may have tighter underwriting rules and pricing that may be anywhere from 0.25% – 0.50% higher in rate.

Loan Amounts above $695,750 – Oahu (above $625,500 – other isles) – These loans are considered “VA Jumbo” loans and require a small down payment. The down payment required is equivalent to 25% of the difference between the purchase price and the 100% financing maximum (695,500 on Oahu). For example, if the purchase price is $795,750, there is a $100K difference between that and the Oahu limit ($695,750). As a result, 25% of that difference ($25K) would be required as a down payment. All in all, that’s about 3% down, with no expensive monthly payments for FHA or private mortgage insurance…and on Jumbo finaning. The VA Jumbo program remains one of the best deals around.

REMEMBER: The total loan amount, including the VA funding fee, must be below these limits. The VA funding fee is typically financed, which means that it is rolled into the loan amount. So, if you are an active duty, first time VA loan user shopping for a home while trying to stay under the $625,500 limit, you must have a purchase price of under $612,334 (when adding the 2.15% funding fee, the final loan amount is $625,499).

3 Minute Thursdays: What’s in a Homeowners’ Insurance Policy?

ccarreira — Thu, 08 Dec 2011 01:02:05 +0000

Ryan Thornton, with Insurance Associates educates us about the details of Homeowners Insurance. For single family homes, fire and hurricane coverage are required by your lender. Also, if you live in a designated flood zone, flood insurance is also required. Did you know that policies for a condominium in Hawaii differs from the rest of the United States? Take a look at this video to find out how.

3 Minute Thursdays – Different Ways You Can Use a Seller Credit

ccarreira — Thu, 01 Dec 2011 01:36:42 +0000

3 Minute Thursdays: Different ways you can use a Seller Credit from Hawaii VA Loans on Vimeo.

Sellers can incentivize a buyer by offering a lump sum called a “seller credit.” Seller credits can be incredibly beneficial to a buyer. They can help you to save money by lowering your closing costs, buy down your interest rate, increase your buying power, or pay off debt. Loan Specialist, Brenda Carr gives us more in-depth information on each of those options. Be sure to request a seller credit on your next home purchase!

The Hawaii VA Loans Military Throwdown!

Gabe Amey — Fri, 18 Nov 2011 21:19:26 +0000

On October 2nd 2011, just as the first official Hawaii CrossFit Affiliate Challenge was wrapping up, after an amazing show of camaraderie and athleticism, the next bomb in the Hawaii CrossFit event schedule was dropped.

It was announced that on November 19th, a second throw down would be held. This time the stakes are higher, the bragging rights louder, and the competition fiercer then ever before. The second event in the Hawaii VA loans schedule of sponsored CrossFit competitions is going to be a battle between the branches of some of the most loyal and enthused members of the community… Our military. And let the smack talking begin.

The Hawaii VA Loans Military Throwdown will showcase the fittest athletes, male and female, from the Navy, Marines, Coast Guard, Air Force, and Army. Not only determining the fittest branch, but the fittest members within each branch. This competition will also test their ability to strategize and function as a unit, in this two-man team competition.

This Saturday, hosted by CrossFit Oahu, 39 teams will put forth a display of team-work and elite fitness. Prepare to watch 8 Navy, 5 Marines, 1 Coast Guard, 5 Air Force, and 20 teams from the Army strive to prove their ranking as in the Hawaii CrossFit Military scene. 3 WODS will go down, teams will be eliminated, with only the top teams making it to the next round.

Have a hard time just watching the festivities? Join in and showboat your rowing skills, in the spectator rowing competition. Food trucks, shave ice, and some of our favorite WOD friendly vendors will also be on site. Event starts at 9am, please join us for this celebration of physical excellence in the military today.

For further information on location, parking, and the inside scoops on the teams check out :

http://throwdown.hawaiivaloans.com/