CONTACT A VA LOAN SPECIALIST:808-792-4251

Get Started

Category Archives: Uncategorized

Erin Delgado
By Erin Delgado 24th August 2020 0 Comments

VA Awards More Than $679M to End Veteran Homelessness Through GPD and SSVF Programs

REPOST of August 19, 2020 VA Press Release:

WASHINGTON — The U.S. Department of Veterans Affairs (VA) announced today it will award more than 425 grants to community organizations totaling approximately $279 million under the Grant Per Diem (GPD) program.

The GPD program provides funding to community organizations that provide transitional housing and supportive services for homeless Veterans, with the goal of helping homeless Veterans achieve residential stability, increase their skill levels and income and obtain greater self-determination. 

“The GPD program is one component of VA’s multifaceted continuum of services and resources to help Veterans exit homelessness,” said VA Secretary Robert Wilkie. “No Veteran should ever have to worry whether they will have stable housing, and these grants put us one step closer to ensuring all Veterans are living in a safe and supportive environment.”

The award period begins Oct. 1 to support three different types of grants to address the unique needs of Veterans who are homeless:

  • Per Diem only grants are used to provide transitional housing beds and operate service centers for Veterans experiencing homelessness. These grants provide funding in the form of per diem payments to reimburse grantees for the cost of care provided to Veterans during the award period. A total of 369 grants to organizations will be awarded to provide 12,138 beds and 18 service centers totaling approximately $221 million.
  • Special Need grants provide funding to organizations that incur additional operational costs to help Veterans with special needs who are experiencing homelessness, including women, individuals with chronic mental illnesses and Veterans who care for minor dependents. A total of 11 grants to organizations will be awarded totaling approximately $2.4 million.           
  • Transition in Place grants provide funding to community agencies that place Veterans experiencing homelessness in transitional housing while providing them with supportive services. These services are designed to help Veterans become more stable and independent, with the ultimate goal of Veterans assuming full responsibility for the lease or other housing agreement. When that goal has been achieved, the transitional residence becomes the Veteran’s permanent residence, and supportive services come to an end. A total of 46 grants to organizations will be awarded to provide 723 beds totaling $55.3 million.

The GPD program has provided Veterans who are homeless with community-based transitional housing and supportive services since 1994. The number of Veterans experiencing homelessness in the U.S. has declined by 50% since 2010 — resulting from the GPD program and other VA efforts.

In addition, on August 7, 2020, the VA announced that it awarded $400 million in grants under the Supportive Services for Veterans Families (SSVF) program to 266 non-profit organizations in all 50 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands for fiscal year 2021 set to begin on October 1, 2020.

Hawaii’s grant recipients are:

If you’re a veteran interested in learning about Hawaii’s no down payment required VA home loan program, contact Hawaii VA Loans for a free VA loan consultation at 808-792-4251.

Erin Delgado
By Erin Delgado 13th July 2020 0 Comments

Peak PCS Season Extended to November 15th | VA Loan Pre-Approval Good For Approx 120 Days

To everything, there is a season. Pre-coronavirus, the peak Permanent Change of Station (PCS) season for active duty military was mid-May through the end of August. However, with the stop-movement order issued by Secretary Esper back in March, military orders and household moves have been backlogged, and there are labor shortages within moving companies (source: Military Times).

As military moves pick back up, the U.S. Transportation Command has extended its “peak season” rates to November 15th.

Peak season rates offer moving companies more money for taking on Department of Defense moves.

Statistically speaking, from May 15 to mid-June, military movers picked up 15,302 household goods as compared to the 86,843 household goods done in the same time period in 2019 – an 82% decrease (source: The Military Times).

Hawaii is currently one of the 39 states that had travel restrictions lifted by the DoD in early June.

However, even as moves pick back up, 100% timely PCS moves for military members are not guaranteed as conditions for their move must also be assessed at their designated military installation. Moreover, service members PCSing to Hawaii or any location are subject to the changing state conditions with COVID-19 and its affect on moving company crews. Simply put, a quick summer move is not in the cards for military families this year.

Yet, one way to make PCSing to Hawaii easier is to GET PRE-APPROVED for a VA home loan prior to arriving to the islands.

Pre-approval for a VA loan is a green light to shop for a Hawaii home knowing the offer price you make is secure for financing. Hawaii VA Loans makes the pre-approval process simple and clear regarding the documents and financial information we need to get you ready to buy. Many times, home buyers work with real estate agents and make an offer to buy a home BEFORE getting pre-approved for a VA home loan. Once pre-approval is granted, at least two outcomes could occur:

  1. The buyer discovers through the VA loan pre-approval process that the price he or she thought they could offer is too high to receive financing OR
  2. The buyer discovers that he or she could, in fact, shop for a home in a higher price range!

How long is a VA loan pre-approval good for?

As long as your financial situation does not change, a VA home buyer has 120 days to close the transaction.

Therefore, if your desire is Hawaii homeownership, get pre-approved FIRST! Contact Hawaii VA Loans to get started or fill out our secure online loan application here. We can’t wait to welcome you to the islands. Aloha!

Erin Delgado
By Erin Delgado 16th April 2020 0 Comments

The VA’s Updated Appraisal Rules During COVID-19

The Veterans Benefits Administration has updated its “Valuation Practices during COVID-19.” The Circular outlines the adjusted rules of the VA’s appraisal process in order to protect appraisers, Veterans, and industry stakeholders as they continue to work toward delivering VA home loan benefits to our nation’s servicemembers and veterans during COVID-19. 

The updated guidelines are effective for all loans on or after the date of the announcement: April 10, 2020, and will continue until further notice.

The action taken will allow for EXTERIOR-ONLY appraisals on properties up to $1,148,475 (one and a half times the maximum 2020 Freddie Mac Conforming Loan Limit); a full exterior and interior appraisal will be required if the value is larger. Fees, however, will remain the same as an interior/exterior (standard) appraisal.

To summarize the intricacies of this update, there are four main enhanced assignment conditions for the VA’s appraiser that go along with the exterior-only appraisals (more details of each condition can be found in the linked Circular):

  1. The appraiser will review the full exterior of the property and provide photos of all sides of the property with detailed notes of the exterior and any visible MPRs. 
  2. A measurement of the footprint of the home should be provided if accessible. This is not to determine the gross living area (GLA) but for the appraiser to reconcile with public records.
  3.  The appraiser will conduct a detailed interview over the phone with the occupant, Veteran, or real estate professional regarding the property. 
  4.  The appraiser may utilize any and all photos available from MLS, provided by the occupant, Veteran, or real estate professional. 

In addition to the appraisal update, Reconsideration of Value (ROV) requests will be limited to $10K and will only be allowed for VA purchases. See point #3 in this post for ROV description.

Stay with Hawaii VA Loans for VA loan news and updates! Contact us or fill out the secure online loan application to purchase or refinance a home with your VA loan benefits.

Erin Delgado
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:

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

 

Erin Delgado
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!

Stephanie Safholm
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:

  1. 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).
  2. Pre-approval will give you an accurate home price to help direct your home search.
  3. 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.