No Money Down, Set, Hike! Wondering what’s happening in the game of VA home buying in Hawaii in fiscal year 2020? We’ve got the third quarter score report for you.
Reminder: The federal government uses the fiscal year for their budgets. The budget’s fiscal year always starts on October 1 and ends on September 30 of the following year.
Here’s the 3rd Quarter of FY2020 (April 1 through June 30, 2020) Replay for the state of Hawaii:
- Source: Department of Veterans Affairs
Team: VA Purchase Loans
Definition: VA Purchase Loans offer U.S. veterans and military service members the opportunity to become Hawaii homeowners using their VA home loan benefits with no down payment required, no mortgage insurance required, reduced closing costs, and flexible qualifying guidelines. The VA loan limit for Oahu and all of the Hawaiian islands for 2020 is NO LIMIT for VA buyers with full entitlement. That means there is no loan size restriction or limits on the VA loan amount. Therefore, if you can get pre-approved for a million dollar home, then you can buy one with no money down using your VA loan.
- Total Purchase Loans: 686 (slight increase from 2nd quarter: 682)
- Loan Amount Avg – Purchase: $652,018 (up from 2nd quarter: $606,634)
- Total Loan Amount – Purchase: $447,284,508 (up from 2nd quarter: $413,724,367)
Team: VA Interest Rate Reduction & Refinance Loans
Definition: VA Interest Rate Reduction Refinance Loan (IRRRL – you can pronounce it “Earl”) allows VA mortgage holders to seize upon current low interest rates and refinance their existing home loans.
- Total IRRRL Loans: 2,186 (up from 2nd quarter: 1,215)
- Loan Amount Avg – IRRRL: $569,298 (up from 2nd quarter: $565,219)
- Total Loan Amount – $1,244,485,648 (up from 2nd quarter: $686,741,129)
Team: VA Cash-Out Refinance Loans
Definition: A VA Cash-Out Refinance (also called VA Equity Cash-Out) gives borrowers an opportunity to take cash out of their home equity or refinance a non-VA loan into a VA-backed loan. Taking cash out of your home equity may help to pay off debt, pay for school, make home improvements, or take care of other needs.
- Total Cash-Out Loans: 333 (up from 2nd quarter: 313)
- Loan Amount Avg: $577,355 (up from 2nd quarter: $535,924)
- Total Loan Amount – Cash-Out: $192,259,206 (up from 2nd quarter: $167,744,223)
The Final Score
- Total Loans (Purchase, IRRRL, VA Cash-Out Refinance): 3,205 (up from 2nd quarter: 2,210)
- Loan Amount Avg: $587,841 (up from 2nd quarter: $573,851)
- Total Loan Amount Sum (All Loans): $1,884,029,362 (up from 2nd quarter: $1,268,209,709)
That’s the score report for the third quarter of federal FY2020! It looks like all teams are increasing their points and averages with a massive jump in refinance loans. Are you ready to get in on the action? Hawaii VA Loans is holding open try-outs – otherwise known as getting pre-qualified & pre-approved with a VA Loan Specialist. Fill out the secure online loan application for a quick VA loan process or contact us at 808-792-4251. We’re ready to take you into the VA home buying or VA refinancing end zone!