VA Loans are one of the very few loan programs that allow you to borrower 100% of the home’s purchase price. Most programs require a minimum of 3.5% - 10% down payment to qualify for financing.
All other home loan programs may require the borrower to pay mortgage insurance without at least 20% down. This insurance doesn’t protect the borrower, rather insures the lender in case of mortgage default.
Nobody likes paying closing costs. Fortunately for veterans, a good portion of these costs are waived. On average, a VA buyer can save anywhere from $1500 - $2000 in closing costs compared to using other loan programs. Now, you can take advantage of the opportunity to have your closing costs completely paid with the Kokua Credits Program.
The goal of the VA Loan program is to make it easier for a veteran to become a homeowner. Therefore, the typical barriers to homeownership are dramatically reduced with a VA Loan. Those who don’t qualify for other loan programs are more likely to be eligible for a VA Loan.
The maximum VA Loan amount with no down payment for veterans with full entitlement is no limit for all Hawaiian islands. That means if a VA buyer can afford the payment and get pre-approved for a $2.5 million dollar home, then he or she can buy one using a VA Loan with zero down.
As a VA mortgage holder, you may automatically qualify for a Streamline Refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL). There is less paperwork involved with this streamline process and the cost to refinance your home is significantly reduced.