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By Erin Delgado 1st July 2019 0 Comments

Inside the Event: Summer Summit 2019 | Presented by Hawaii VA Loans

At Hawaii VA Loans, we believe the events we host should be equally informative and fun. Why? Both elements should be part of the home buying experience! Sure, sometimes the fun factor can get lost in the stress that comes with house hunting, making offers, and getting finances aligned. However, Hawaii VA Loans helps VA home buyers and their agents eliminate those worries! Thus, our mission as Hawaii’s longest-running VA loan specialized lender is to support veteran/military home buyers and their real estate agents through our simplified approach and uncomplicated expertise.

Now that you know a bit about our approach, let’s go inside our most recent event!

On June 12th, real estate professionals from around Oahu attended Summer Summit 2019 presented by Hawaii VA Loans at Artistry in Kakaako. The late afternoon/evening event checked all the informative and fun boxes for Hawaii’s real estate agents. Here’s how it happened:

The event schedule began with Keynote Speaker Walter Thoemmes who shared Kamehameha Schools’ plan to bring 8,000 new homes to Honolulu’s urban core.

Attendees then received the most up-to-date and latest insight on how the VA loan program is performing here in Hawaii from panel members Jim Owens (Branch Manager, Hawaii VA Loans), Joseph Lorinc (Staff Appraiser, U.S. Department of Veteran Affairs), and Phoebe Nikolakakis (Broker-in-Charge, Coldwell Banker Pacific Properties, Kapolei Office).

Here are some important takeaways from the “What’s New Regarding VA Loans in 2019” panel discussion:

Nikolakakis shared that approximately 45% of home purchases in Kapolei/Waianae/Ewa areas are financed through the VA home loan program.
Lorinc emphasized the big change for 2019 came in the form of the VA loan limit. It was announced at the beginning of 2019 that the VA loan limit would be the same for ALL islands – $726,525. In previous years, the VA loan limit differed by several thousand dollars between islands. So for 2019, pre-approved VA buyers can purchase a home up to $726,525 on any island with no down payment required.
Owens followed up with information about the VA Jumbo Loan – an avenue within the VA loan program through which pre-approved buyers can purchase a home above the VA loan limit by making a relatively small down payment.
Owens reported that approximately 15% of Hawaii VA Loans purchase transactions are VA Jumbo Loans. Therefore, the majority are Hawaii VA home buyers who are putting no money down!
Lorinc discussed VA appraisals and how the VA is moving away from their appraisers being the “permit police.” Thus, allowing for more discretion when it comes to non-permitted improvements and additions.

Next, it was time to feast! Attendees dined on the award-winning cuisine of The Pig & the Lady, while listening to the cool sounds of John Akapo’s voice and guitar. What could be a better combo? We can’t think of many!

Meanwhile, Photo Ops Hawaii snapped these smiling faces around the venue!

The Aloha Modern ambiance for the evening was brought together by event planner Marichris Diga-Lazo of Co-Curate. Beautiful name tags were written and drawn out by Darrah of @conceptuallydee for each of the attendees.

The staging backdrop of monstera, heliconia varieties, song of India, and palm fronds was meticulously created by Raina of @rainaameyart. The backdrop popped beautifully against the simplistic, modern lounge furniture courtesy of @roamrentalshawaii.

Speakers and Hawaii VA Loans team members were honored to wear a variety of lei creations made by Sherma & Charisma of @cns_bloomers.

Last but certainly not least, the support from the Summer Summit 2019 sponsors was invaluable to the event. Their involvement and presence was so greatly appreciated by the Hawaii VA Loans team:

First American Title – Hawaii
Mark Kam of Liberty Mutual
Kama’aina Termite & Pest Control
Roam Rentals Hawaii – Rentals, Staging, & Design
Motion & Story – Neil Norman, Cinematographer

Mahalo and aloha to the Hawaii real estate community for investing their time with us by attending Summer Summit 2019. We hope the next time you have a VA buyer, you’ll remember that Hawaii VA Loans is the island VA loan lender to call (808-792-4251) to help your client become a Hawaii homeowner!

Informative resources for you:

Agent Resources

Buyer Resources

By Erin Delgado 10th May 2019 0 Comments

2019 PCS Season | Avoid the Rental Race: Hawaii VA Home Loan Buying Made Easy!

The 2019 PCS season is upon us! There will be many new military servicemembers and their families moving to Hawaii for the very first time. Their excitement is palpable. Their stress is understandable. Their questions are ready to be answered by our team at Hawaii’s longest-running VA loan specialized lender, Hawaii VA Loans.

If you’re reading this and are among the servicemembers and/or military spouses who are moving to the islands, you’re at the right place!

Get to Know Oahu Island

Since we’ve been doing VA loans and helping military families transition to Hawaii for over a decade, we went ahead and covered many of the curiosities they’ve had in our Oahu PCS Guides. They detail the areas surrounding three main Oahu bases: Marine Corps Base Hawaii, Joint Base Pearl Harbor-Hickam, and Schofield Barracks. You’ll find recommendations for food and fun, as well as housing market info for surrounding neighborhoods, and much more. Plus, they’re completely free! Download all three and get to know the areas of Oahu where you’ll work and surely visit.

Avoid the Rental Race: Hawaii VA Loan Home Buying Made Easy

Whether you’ve already considered it or not, buying a home in Hawaii is easier than you may think! The 2019 VA loan limit with no down payment for all Hawaiian islands is $726,525. Interest rates have lowered so much since the beginning of the year that we’ve had to create new BAH Matrices to reflect the lower rates.

In fact, April 2019’s Honolulu Board of Realtors Market Report, tells us that the 2019 PCS season is a great opportunity to buy in Hawaii! Jenny L. Brady, President of the Honolulu Board of REALTORS® said this about the current market: “Low mortgage interest rates, coupled with more inventory on the market compared to last year, presented better opportunities for potential homebuyers and spurred more of them to buy.”

For April 2019, the median sales price on Oahu for a single family home was $766,750. The median sales price for a condo was $418,950. Keep in mind that for qualified VA buyers, the VA loan limit with no down payment is $726,525. Therefore, if you purchase a single family home over this limit, a relatively small down payment is required with a VA Jumbo Loan.

Our Team of VA Loan Experts

There’s one vital component that makes VA home buying in Hawaii simple and smooth – our team! Our seasoned VA Loan Specialists are masters of the VA loan process. Even more, they live and breathe the islands – as many of them have been born and raised here. We also have veterans and military spouses on our team who lend their expertise and knowledge of your military lifestyle.

Take a look at just a few (out of hundreds) of active duty servicemembers who have purchased a home in Hawaii with the help of Hawaii VA Loans:

Avoid the rental race and paying someone else’s mortgage by utilizing the VA home loan program for the benefit of your financial future!

Take the First Step in the VA Loan Process

Now that you know about the incredible opportunity available to you by using your VA home loan benefit to become a Hawaii homeowner, what’s next? You’ll want to quickly get pre-qualified and then pre-approved with the help of our VA Loan Specialists. Call us at 808-792-4251 to get started or fill out our secure loan application online. We’ll be ready to assist you from start to finish!

By Stephanie Safholm 28th March 2019 0 Comments

The Advantages of Getting Pre-Approved for a VA Loan Before You PCS to Hawaii

Your arrival to Hawaii isn’t too far away….

As you prepare for your PCS to Hawaii, allow Hawaii VA Loans to not only make the transition easier for you, but to put you a step ahead in Hawaii’s real estate market!

How so? It’s quite simple. If you’re interested in becoming a Hawaii homeowner using your VA loan benefits, get pre-qualified and pre-approved before you arrive on island.

Take Hawaii VA Loans Home Buyers Jesus & Rikki, for example. They were pre-approved prior to PCSing and worked virtually with their real estate agent who did a video walk-thru of the home they purchased – all before arriving to Hawaii!

Here’s what military spouse, Rikki, had to say about their VA loan pre-approval experience with Hawaii VA Loans:

“Getting pre-qualified…then pre-approved helped bring a load off of a huge move. Due to me being pregnant, our PCS got moved up two months early. You can imagine how much we were running around with getting all of our paperwork done, our dogs, cars, furniture, baby shower, etc. It was an insane month for us so when I say [getting pre-approved] was a huge load off our shoulders I really mean it! Having all of this done before coming to the island really helped us get into our home quicker. If we did not have any of this done who knows how long we would have been stuck in a hotel.”

You might be wondering what the difference is when Rikki stated that they got pre-qualified & then pre-approved. Let’s talk about the two:

Pre-Qualification

It’s the first step (besides making the phone call, of course)! The pre-qualification process can take as little as 15 minutes over the phone. Getting pre-qualified means that you’ve contacted a VA Loan Specialist, allowed them to review your credit, and provided them verbal information about your assets and monthly income. An approximate monthly payment for the proposed loan is determined by taking a look at your debt-to-income ratio (how much you make vs. how much you pay out in monthly expenses each month).

Pre-qualification is simple, but it also adds a level of risk that the verbal information given may be misinterpreted. Therefore, once the VA Loan Specialist has reviewed your actual income and asset documentation, you’ll be on your way to pre-approval (see below). This is when some may find that they no longer qualify for a loan at that particular time. Do not be discouraged! You will be advised on the steps you need to take to become qualified. For example, are there any credit issues you can resolve?

Pre-Approval

Getting pre-approved takes the VA loan process a big step further. We’ll need to obtain your Certificate of Eligibility to verify your VA loan entitlement. Now is when you’ll need to provide that documentation for review in order to verify the figures provided verbally during pre-qualification.

Your VA Loan Specialist will make any adjustments to income and assets per the verification of documents and submit the loan through an Automated Underwriting System to determine your approval and eligibility. As a result, this process will give you a pre-approved purchase price that you can confidently house hunt and plan for.

Pre-approval is much more thorough and gives both the borrower (you), and the real estate agents involved, the added assurance that your financing should move very smoothly.

Here’s a list of the documents your VA Loan Specialist will need for pre-approval:

Most recent LES or pay stub (total of one month).
Most recent 2 years of Federal Tax Returns (including all schedules & W2s) MAY be required.
Most recent 2 months of bank statements.

In summary, how does getting pre-approved for a VA loan before you PCS to Hawaii translate to an easier and advantageous home buying process for you?

There are three main ways:

Pre-approval will get you connected with a Hawaii real estate agent to immediately begin house hunting with you when you arrive on island (or even from a distance before you arrive).
Pre-approval will give you an accurate home price to help direct your home search.
Pre-approval ensures that when you make an offer on a home, it will be seriously considered and accepted by the seller and their agent, because they know you’ve taken the steps to make yourself a firm buyer in Hawaii’s real estate market.

When it comes to VA home buying, 2-6 months is not too early to begin the process. Once you have PCS orders, get started! Contact us or fill out our short and secure loan application and we’ll get in touch with you.

For servicemembers being PCSing to the following three main Oahu bases, download a free PCS Guide that details the history, surrounding neighborhoods, schools, food & recreation, and housing market data surrounding each base: Joint Base Pearl Harbor Hickam, Marine Corps Base Hawaii, and Schofield Barracks.

By Erin Delgado 25th October 2018 0 Comments

How to Hire the Right Contractor

Are you looking to start a house project after moving into the Hawaii home you purchased with your VA loan benefits? Maybe you’re thinking of updating the landscaping, lighting or getting a closet system installed. The good thing is that you used your VA home loan, put no money down, and saved a couple thousand dollars on closing costs! You can use that extra money to help make your new home the way you want it. Perhaps you’re thinking of an even bigger project like adding an ohana unit, renovating a bathroom or the kitchen.

Whatever your goals are – you need to make sure you hire the right people to do it!

Here at Hawaii VA Loans, we’ve come across valuable advice on the topic of hiring contractors, service professionals, and tradespeople. Use the information we’ve gathered below as your go-t0 reference for finding and communicating with any professional who works in the home repair/maintenance/building industry.

Get Referrals

Ask your friends or neighbors for names of people they’ve used to work on their homes. Another trick is to notice the homes in your area that are currently being renovated that are attractive to you in their style and design, and write the company names of the work trucks parked outside of their houses. The same can be said for exterior paint jobs. Consider knocking on a homeowner’s door of a color you love and ask them for a referral. Finally, utilize your real estate agent’s knowledge of the contractors in the area that he or she has had great experiences with in their career.

Get in Touch

Contact the contractors to inquire about the types of projects they do. You want to make sure they are knowledgeable of all the regulations and codes that are applicable for the project you are interested in doing. Discuss with them how many projects they are managing. This will give you an understanding of how slow or fast they will be able to take on your project as well as how in demand they are (which could be a good thing!).

Meet the Contractors Face-to-Face

Hawaii VA Loans believes in the power of a good, old fashioned in-person meeting. There’s a lot you can discover about a person by meeting them and essentially “sizing them up.” Are they professional? Are they friendly? Are they knowledgeable? Are they detail oriented? Do you feel like you can trust them? These are all questions that should be answered from a face-to-face meeting. See “6 Additional Questions to Ask a General Contractor” at the end of his post.

Be a Detective

Do some quality investigative research on the contractors. Contact the Better Business Bureau and the state’s consumer protection agency to find out more about their companies (make sure they have no prior judgments against them from previous jobs). Use online review sites to get a sense of overall customer satisfaction. Ask the company for a list of references and projects you can visit to see their work in-person. If they don’t have any, that could be scary! Most importantly, verify that they are licensed contractor so you won’t be held responsible for any work that is not to code or injuries workers incur on your job.

Get Estimates

After they’ve seen your property in-person, ask the contractors for estimates and have them break down the costs. Materials alone can make up 40% of the estimate. The contractor may ask you for blueprints if you previously worked with an architect, your budget, and your start times. Use the estimates as a guide and ultimately choose the contractor who communicates the best and has the best reputation.

Do not let a contractor:

Give you a quote before seeing the job.
Demand a large deposit to purchase materials. Most contractors will have a charge account with suppliers.
Insist you sign a contract on the first visit.

Confirm The Details Before Work Begins

Payment: On a large project, you will likely pay 10% to start followed by three milestone payments of 25% and ending with a payment of 15% of the total project. Use the milestones to reassess the contract and making sure it is being met.

Time: Make sure you have communicated with the contractor about the window of time for the project.

Expectations: What are your responsibilities in the project? Do you need to remove furniture or board a pet? Discuss with the contractor what he or she expects of you.

Get Everything In Writing

The following items should ALL be in writing:

Payment schedule
Proof of insurance (liability and workers’ compensation)
Start and completion dates
Lien releases from all subcontractors and suppliers (obtained by the contractor)
Detailed description of the project (including materials being used and what is being subcontracted)
All building permits obtained by the contractor and reassurance that work will be compliant with building codes.
A statement of warranties, including what is covered and for how long
A statement of contractor’s liability and property damage insurance
Price and terms of payment

6 Additional Question To Ask a General Contractor

How long have you been in business?
Who will supervise the project on-site?
Who will be my point of contact for job progress and other issues?
What work will your employees do?
What will you subcontract?
What efforts will you make to ensure your site is clean and safe and prevent dust from entering the living areas?

One last thing… never feel bad for asking too many questions or making the contractor put everything in writing! This is your investment and their profession. If a contractor tries to tell you that it’s not necessary to have any one of the above in writing, you can refer them to this blog post. Hawaii VA Loans has your back!

As Hawaii’s longest running VA loan specialized lender, the Hawaii VA Loans team will make sure to get you on your way to becoming a Hawaii homeowner. Contact us at 808-792-4251 or complete our short online application.

By Brad Vilgos 12th October 2017 0 Comments

Disability Rating After Loan Closing: How to Get Your VA Funding Fee Back

Update: As of August 9, 2019, the VA Funding Fees have been changed. See the updated funding fee table and more information here: https://hawaiivaloans.com/va-funding-fee/

The VA Funding Fee is a payment made at loan closing by a veteran who is utilizing their VA benefits to finance their home purchase. The fee can be paid by cash or it can be financed (rolled into the loan).

The payment goes directly to the VA and helps to reduce costs of the VA Home Loan Guaranty program to taxpayers. The funding fee amount (see VA Funding Fee Table) is based on a veteran’s military category (Regular Military, Reserves or National Guard) and the type of loan (purchase loan, refinance loan, etc).

VA Funding Fee Exemptions

There are servicemembers and veterans who are exempt from paying the VA Funding Fee.

The exemptions include:

Veteran receiving VA compensation for a service-connected disability, OR
Veteran who would be entitled to receive compensation for a service-connected disability if you did not receive retirement or active duty pay, OR
Surviving spouse of a Veteran who died in service or from a service-connected disability.

VA loan borrowers who are exempt from paying the funding fee will have their exemption indicated in their Certificate of Eligibility (COE).

What happens if a disability rating is given to a veteran AFTER loan closing?

Can he or she receive a refund of the VA Funding Fee they originally paid? If the disability rating is confirmed by the VA, the answer is YES.

To begin, once the veteran receives their disability rating, he or she should use their current mortgage statement to reach out to their lender and their local VA office for guidance on obtaining a retroactive VA Funding Fee refund.

Here’s an example of how the refund process will work:

After receiving a VA disability compensation, the veteran requests to have their Certificate of Eligibility (COE) updated. The veteran’s mortgage lender (like Hawaii VA Loans) can help do this with the required documentation (ie: VA disability award letter, DD-214, etc.)
Once the COE has been updated to reflect the correct VA disability rating, the COE and refund request needs to be submitted by the veteran’s lender to the VA Department.
After submission, the veteran’s current lender will work with the VA Department for verification and apply a one-time principle reduction payment (lowering your loan balance) in the amount of the originally charged VA Funding Fee at the time of loan.

Please note that this process will take some time AND the veteran will be the sole initiator of notifying an updated disability status to their lender. Rest assured that when you’re working with a local lender like Hawaii VA Loans, we’ll always be ready and willing to assist you!

For more information about how you can use your VA loan benefits to become a Hawaii homeowner, contact us here or call 808-792-4251.

By Brooks Onishi 20th July 2017 0 Comments

BAH Breakdown: What Can Your Housing Allowance Buy?

Aloha, service members! Here at your local VA mortgage lender, one of our goals is to be your go-to, trustworthy resource for information on home buying and the VA loan process. In order for us to achieve that, we think it is important to break it down for you. Not in dance moves, but in data, Hawaii BAH style. We’ll leave the break dancing to you – for after you sign those closing papers.

What Can Your BAH Buy?

When you’re PCSing to Hawaii and desire to buy an island home with your VA home loan benefits, one of the Oahu neighborhoods you’ll likely hear about first is the Ocean Pointe community in Ewa Beach. For good reasons! There’s newer, affordable construction (let’s hear it for central AC!), a convenient commute to multiple military installations, close proximity to beautiful beaches and parks, and easy access to a variety of shopping needs.

The home we are highlighting today for sale in Ocean Pointe, 91-1311 Kaileolea Street, hits all those location marks, of course, and it amplifies them, because the interior of this property has been completely remodeled – and done so in terrific taste!

There’s simply no room in this home that cannot immediately be made yours.

Take a look:

About the Area: Ewa Beach

Approximately 16 miles from Honolulu International Airport, the postal code for Ewa Beach extends inland to the developments of Ocean Pointe, ʻEwa Gentry, Iroquois Point, and ʻEwa Villages.

In the late 19th century to early 20th century, ʻEwa was one of the large population centers on the Island of Oʻahu, with industry focused around sugarcane production. The ʻEwa Mill was a major employer that set up residential villages. Sugarcane is no longer grown on the ʻEwa Plain and Ocean Pointe, Ewa Gentry, and Ewa Villages are now part of Oʻahu’s new suburban growth center. This area is now referred to as Oʻahu’s Second City, with a city center (downtown) located in Kapolei with the newly built family- friendly shopping, dining, and event experience at Ka Makana Ali’i – The Center for West Oahu.

Now let’s learn and see more about 91-1311 Kaileolea Street.

Inside Scoop

4 bed
3 bath
1,566 sq ft.

More Details

Full bedroom and bath on first floor
Remodeled in 2016
New stainless steel appliances, high capacity washer & dryer
New laminate flooring, new carpet
New interior painting

The BAH Breakdown

Where: 91-1311 Kaileolea Drive Ewa Beach HI 96706
Oahu military bases nearby: Schofield Barracks – 15.7 miles; Wheeler Army Airfield – 14.8 miles; Pearl Harbor – 17.6 miles; Tripler Army Medical Center – 18.6 miles
Points of Interest: Airport – 17.6 miles; Ka Makana Ali’i – 4.7 miles; Ko’Olina – 11 miles; Downtown Honolulu – 21.9 miles
Property type: Single Family Home
Asking price: $665,000

Rates

Interest Rate: 3.875%
APR: 4.192%

Total Estimated Monthly Payment = $3,536.27 (PITI)

What BAH Rates Cover This Monthly Payment?

Service Members with Dependents

The 2017 Hawaii BAH Rates support the ability for ranks W-5 and O-4 and above with dependents to afford this property if purchased at its asking price. For ranks E-9, W-4, O-2E, O-3E, and O-3, monthly BAH falls slightly below the estimated monthly payment of this property and can still be affordable with supplemental income from a spouse.

Who to Contact

Would you like to find out what purchase price you qualify for? Contact VA Loan Specialist, Brooks Onishi at 808-372-7092.

For questions about this home or other available listings on Oahu, contact agent Adrienne Lally of Keller Williams at 808-227-2703.

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