How big is the VA loan volume in Hawaii? Find out what Hawaii’s VA loan numbers are for the first quarter (Q1) of Fiscal Year 2021. The data below includes VA purchase loans, VA interest rate reduction refinance loans (IRRRL), and VA cash-out refinance loans.
Before we continue, what does “fiscal year” mean? 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.
Thus, Q1 of FY2021 is considered October 1, 2020 through December 30, 2020.
Go here for a state-by-state breakdown of Q1:
- Source: Department of Veterans Affairs
Now, let’s see how the beautiful state of Hawaii is doing!
VA Purchase Loan Volume
VA Purchase Loans offer U.S. veterans and military service members the opportunity to become Hawaii homeowners using their VA home loan benefits.
Since home prices are high in Hawaii, it’s important to know that the VA loan limit for Oahu and all of the Hawaiian islands for 2021 is NO LIMIT for VA buyers with full entitlement. That means if you get pre-approved for a two million dollar home, then you can buy one with no money down using your VA loan.
The VA Purchase Loan Volume in Hawaii for the Q1 of FY2021 is:
- Total Purchase Loans: 845 (compared to 646 in Q1 of FY2020)
- Loan Amount Avg – Purchase: $661,756 (compared to $575,401 in Q1 of FY2020)
- Total Loan Amount – Purchase: $559,183,546 (compared to $371,708,792 in Q1 of FY2020)
VA Interest Rate Reduction Refinance Loan (VA IRRRL) Volume
The VA IRRRL Volume in Hawaii for the Q1 of FY2021 is:
- Total IRRRL Loans: 3,000 (compared to 1,190 in Q1 of FY2020)
- Loan Amount Avg – IRRRL: $543,511 (compared to $562,229 in Q1 of FY2020)
- Total Loan Amount – $1,630,532,672 (compared to $669,052,239 in Q1 of FY2020)
VA Cash-Out Refinance Loan Volume
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 home equity may help to pay off debt, pay for school, make home improvements, or take care of other needs.
The VA Cash-Out Refinance Volume in Hawaii for Q1 of FY2021 is:
- Total Cash-Out Loans: 341 (compared to 281 in Q1 of FY2020)
- Loan Amount Avg: $569,945 (compared to $564,729 in Q1 of FY2020)
- Total Loan Amount – Cash-Out: $194,351,402 (compared to $158,688,980 in Q1 of FY2020)
The Total Volume for All Loans
- Total Loans (VA Purchase + VA IRRRL + VA Cash-Out Refinance): 4,186 (compared to 2,117 in Q1 of FY2020)
- Loan Amount Avg: $569,534 (compared to $566,580 in Q1 of FY2020)
- Total Loan Amount Sum (All Loans): $2,384,067,620 (compared to $1,199,450,011 in Q1 of FY2020)
The big takeaway from this data is that VA IRRRLs nearly tripled from the same time last year. In addition, VA IRRRLs and cash-out refinances rose from Q4 of FY2020. VA purchase loans took a slight dip from Q4 of FY2020 with 894 to 845 in this Q1 of 2021.
Get Pre-Approved for a VA Loan
It’s easy to get pre-approved for a VA home loan when you have the Hawaii VA Loans team supporting your home buying goals! Contact us at 808-792-4251 or fill out our secure online application for purchasing or refinancing and we’ll get in touch directly.