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Erin Delgado
By Erin Delgado December 16th 2014 0 Comments

The 2015 VA Loan Limits for Hawaii

Drumroll, please.

The 2015 VA Loan Limits have been announced to reveal no change from the 2014 VA Loan Limits in the state of Hawaii.

2015loanlimits (800x533)

According to VA Circular 26-14-39 issued on December 9, 2014 by the Department of Veterans Affairs, the new VA’s maximum guaranty amounts are established by the Federal Housing Finance Agency (FHFA) for Freddie Mac. Therefore, the 2015 VA Loan Limits will remain as follows:

Honolulu County = $721,050

Kauai = $713,000

Maui, Lanai, Molokai = $657,800

Hawaii Island = $625,500

As you embark on your house hunt here in Hawaii, you will likely visit properties that are listed above these limits. Don’t necessarily count them out. Your realtor may advise you that negotiation of the sale price is possible. Also, consider the VA Jumbo Loan as a financing route for buying a home at a higher price than the county loan limits.

Our Hawaii VA Loans team enjoys helping our service members and veterans purchase the homes that they love. For more information regarding your VA loan benefits, contact us or fill out our online application.

We look forward to hearing from you!

Gabe Amey
By Gabe Amey February 19th 2014 0 Comments

6 Myths About VA Loans

At Hawaii VA Loans, we feel it’s important to make sure our veteran clients know the facts about their VA Loan benefits. In 2008, we wrote a blog called the “Top 5 Myths Regarding VA Loans.” Since myths don’t easily go away, it’s important to keep debunking them until they run scared out the front door of your Hawaiian dream home…or something like that! So here we go, let’s recall those five myths (and add a sixth) to reassert what the truth is when it comes to VA loans.

 

The 6 Myths

1. “I can only use my VA Loan eligibility once.”

This is still the most common myth we hear – and it is still false. There is no limit on the number of times you can use a VA Loan. If you’ve had a VA loan previously, you will need to have your entitlement restored by paying off the mortgage. Therefore, you will need to pay off the balance, sell the property, or refinance into a conventional mortgage in order to get another VA Loan.

There is a possibility in which you could have more than one VA Loan outstanding at a time – but only if you didn’t use your entire entitlement on the purchase of the first property. You do have to keep in mind that if you have used your VA Loan previously, the cost of the VA funding fee is increased from 2.15% to 3.3% (no down payment) for every subsequent use of a VA Loan.

Yet, if you’ve accumulated equity on the sale of your first home, and you can put a 5% down payment the next time, your funding fee can be reduced from 3.3% to 1.5%.

2. “Sellers won’t accept my offer if they know I’m doing a VA Loan.”

False. In the past, seller’s had to pay extra funds to cover some of the VA non-allowable closing costs. However, now that it’s a “Seller’s Market” in which there are more home buyers than home sellers, we are seeing that more mortgage lenders are picking up the total cost of these VA non-allowables. This helps make their borrower’s offers more attractive to sellers.

Additionally, there are an abundance of VA buyers searching for homes, making them a significant portion of today’s home buying market. It would be completely nonsensical to disregard VA buyer offers.

3. “VA Loan amounts are not high enough to buy a property in Hawaii.”

Not true. When I speak with military personnel who are new to the islands, many of them think that the VA Loan amount is $417,000. This was true for most of the continental 48 states, except Hawaii and Alaska where the maximum VA Loan amounts for 100% is actually $721,050 on Oahu ($713,000 on Kauai, 657,800 on Maui & $625,500 on Big Island).

Let’s recap that again – a borrower eligible for a VA Loan can purchase a home and have a total loan amount up to $721,050 without having to put a down payment! 

We know that in Hawaii’s market, $721,050 may still not be enough to purchase your ideal home. If that’s the case, you can take advantage of the VA Jumbo Loan Program, in which a minimal down payment is required (25% of the difference between purchase price and $721,050).

4. “Those in the National Guard or Army Reserves are not eligible for a VA Loan.”

This is false. Those who have served solely in the National Guard or Reserves may also qualify for a VA Loan if they have had at least six years of service. In some cases, if you were activated, you may be eligible for benefits without serving a full six year term.

5. “I cannot qualify for a VA Loan since I’ve declared bankruptcy in the past.”

Again – false.  If you filed bankruptcy but have been discharged for at least two years – we can disregard the bankruptcy.  If you have been discharged for less than two years, there is a possibility to still get a VA Loan if:

  • the applicant or spouse has obtained consumer items on credit subsequent to the bankruptcy and has satisfactorily made the payments over a continued period, and
  • the bankruptcy was caused by circumstances beyond the control of the applicant or spouse such as unemployment, prolonged strikes, medical bills not covered by insurance, and so on, and the circumstances are verified.

If you filed for Chapter 13 – you may be eligible for a VA Loan if:

  • the applicant has finished making all payments satisfactorily.
  • the applicant has satisfactorily made at least 12 months’ worth of the payments and the Trustee or the Bankruptcy Judge approves of the new credit.

6. “I can use my housing allowance from my Post 911 GI Bill to use for Qualifying on a home purchase.”

Unfortunately, this is incorrect. Since the Post 911 GI Bill’s Base Allowance for Housing (BAH) is temporary income (usually three years), we cannot use it for qualifying purposes.

Do you have a VA Loan question and wonder if it could be a myth? Your questions matter to us, so please feel free to contact our Hawaii VA Loan Specialists or fill out our online loan application to get qualified for a VA Loan.  We are happy to help!

Jim Owens
By Jim Owens November 22nd 2008 0 Comments

How Many VA Loans Can I Have at One Time?

This is a tricky question and one that we, as VA Loan Specialists, have a hard time answering simply.  The best answer is, in fact, “it’s complicated”.  So, with that in mind, let’s take some time to see how the rules are applied.  Thankfully, the VA has recently posted clarifications and examples to make it easier on all of us.

The first thing that we need to understand is that the VA now adjusts the maximum loan amounts by county thanks to recent changes intending to support the ‘Jumbo’ loan market that lenders have shied away from in the past year.  Some counties may be at the national limit of $417,000 but if housing prices are higher than average, they may have a higher limit.  Here in Honolulu, the limit is currently at $750,000 ($625,500 on the neighbor islands).  Remember, that is the max for 100% financing, and that the VA program will actually allow for loan amounts greater than that as with a minimal down payment.

[Read More]

Erin Delgado
By Erin Delgado March 28th 2018 0 Comments

PCSing To: Joint Base Pearl Harbor-Hickam

Are you being assigned to Joint Base Pearl Harbor-Hickam? That’s great news! JBPHH is located on Oahu’s south shore/Honolulu region where you’ll find yourself in an amazing location for enjoying a plethora of daily activities. From taking in the rich Hawaiian history at the Bishop Museum or Iolani Palace to sunset sailing from Waikiki or catching the sunrise at Hickam Beach, your time in Hawaii will create memories that will stay with you for a lifetime.

You may even decide to come back one day. In fact, many military families who get assigned to Schofield Barracks or other Oahu bases decide to put down some roots, so-to-speak, in terms of homeownership. They may choose to retire in Hawaii or keep their property as in investment and long-term rental.

Since 2007, we’ve helped hundreds of veterans and servicemembers become Hawaii homeowners. How could you go about becoming one, too? By using your VA home loan benefits!

Here are some numbers to consider when getting started:

We have many additional Buyer Resources for your use as well:

To learn more about Joint Base Pearl Harbor-Hickam and the Honolulu region, download our free 2018 JBPHH PCS Guide. Now, continue reading to find out more about the areas just outside the gates of Pearl Harbor.

Ewa Beach

Ewa is located 3 miles (10 minute commute) from Joint Base Pearl Harbor-Hickam. The main thoroughfare is Fort Weaver Road (State Rte. 76) which runs north (away from the coast) past ʻEwa to Waipahu, connecting there to Farrington Highway (State Rte. 90) and the H-1 freeway.

Approximately 16 miles (25 minute drive) 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 sugar cane production. The ʻEwa Mill, in ʻEwa was a major employer that set up residential villages. Sugar cane 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—an area of substantial sprawl spreading unbroken to the south to ʻEwa Beach, north to Honouliuli, and west to Kalaeloa and Kapolei. This area is now referred to as Oʻahu’s Second City, with a city center (downtown) located in Kapolei.

“Iroquois Point” refers to the geographic land area that is occupied by the Waterfront at Pu’uloa (known as “Iroquois Point Island Club” prior to 2008), a firing range, a Navy Exchange shoppette and gas station, and Iroquois Point Elementary School. Once primarily used as a military housing community, it is now privately operated.

Ewa’s climate averages a yearly high of 84.4 degrees Fahrenheit, a low of 67.4 degrees Fahrenheit, and annual precipitation of 19.8 inches. As of the 2010 Census, Ewa had a total population of 14,955.

Aerial view of Ewa Beach community

Kapolei

Located west of Ewa Beach, the city of Kapolei is known as the “second city” of Oahu in relation to Honolulu. Planned as the second “urban center” on the island of Oahu, initial residential construction in the Kapolei area began in the late 1980s, with commercial developments springing up shortly thereafter. Two decades later, the Kapolei area has seen massive growth, and has become the center of business in the West Oahu region of the island. In fact, our first of two Hawaii VA Loans offices is located in the business district of Kapolei (the other is located in Kailua).

Kapolei is approximately 17 miles from JBPHH and is a 25 minute commute. Other communities in the Kapolei area are Makakilo and Naval Air Station Barbers Point (now known as Kalaeloa), the industrial area known as Campbell Industrial Park with its deepwater port, Barbers Point Harbor, and the resort and marina community of Ko Olina, which includes the Disney Aulani Resort and Ko Olina Golf Club.

As of the 2010 census, Kapolei had a population of 15,186 people.

Ko’olina Lagoons & Marina

Honolulu

Honolulu is the state capital and the most populated city in Hawaii. The city is a major hub for international business, military defense, as well as hosting a diverse variety of east-west and Pacific culture, cuisine, and traditions. It is the major financial center of the islands. Living in the center of Honolulu would give you about a 45 minute commute to JBPHH and a short 13 minutes to Honolulu International Airport.

Here are just a few of Honolulu’s neighborhoods….

>  Downtown Honolulu is the financial, commercial, and governmental center of Hawaii. On the waterfront is Aloha Tower, which for many years was the tallest building in Hawaii. Currently the tallest building is the 438-foot (134 m) tall First Hawaiian Center, located on King and Bishop Streets. The downtown campus of Hawaii Pacific University is also located there.

>  The Arts District Honolulu in downtown/ Chinatown is on the eastern edge of Chinatown. It is a 12-block area bounded by Bethel & Smith Streets and Nimitz Highway and Beretania Street – home to numerous arts and cultural institutions.

>  The Capitol District is the eastern part of Downtown Honolulu. It is the current and historic center of Hawaii’s state government, incorporating the Hawaii State Capitol, ʻIolani Palace, Honolulu Hale (City Hall), State Library, and the statue of King Kamehameha I, along with numerous government buildings.

Downtown Honolulu from Tantalus Drive

Buying – Ewa Plain (Ewa Beach, Kapolei)

In 2017, the median sales price for a single family home in Ewa Plain was $654,000. The median sales price for a condo in Ewa Plain was $480,000.

Buying – Honolulu

In 2017, the median sales price for a single family home in the Kalihi neighborhood was $770,000. The 2017 median sales price for a condo in the Ala Moana neighborhood was $551,000. The median sales price for a condo in the Salt Lake neighborhood was $369,000. Finally, the median sales price for a condo in Waikiki was $390,000.

Discover more about the housing market surrounding Joint Base Pearl Harbor-Hickam in our 2018 PCS Guide! There’s also more to learn about schools, more neighborhoods, great restaurants, and how you can utilize your VA home loan benefits to become a Hawaii homeowner.

If you’re ready to get in touch with a VA Loan Specialist, contact us at 808-792-4251 or fill out this short online application.

Erin Delgado
By Erin Delgado March 8th 2018 0 Comments

PCSing To: Schofield Barracks

Are you being assigned to the U.S. Army base at Schofield Barracks, Hawaii? Congratulations! Schofield Barracks is located in the Central Region of Oahu where you’ll find yourself in a prime location for enjoying adventures all around the island.

From the waves of the North Shore to the lagoons southwest at Ko’Olina to downtown Honolulu, and all points in between, your time in Hawaii will create memories that will stay with you for a lifetime. You may even decide to come back one day! In fact, many military families who get assigned to Schofield Barracks or other Oahu bases decide to put down some roots, so-to-speak, in terms of homeownership. They may choose to retire in Hawaii or keep their property as in investment and long-term rental.

Since 2007, we’ve helped hundreds of veterans and servicemembers become Hawaii homeowners. How could you go about becoming one, too? By using your VA home loan benefits!

Here are some numbers to consider when getting started:

We have many additional Buyer Resources for your use as well:

● VA Homebuyer’s Guide
● Condo Check Tool
● VA Loan Seminars

To learn more about Schofield Barracks and the Central Oahu region, download our free 2018 MCBH PCS Guide. Now, continue reading to find out more about Mililani & the North Shore – two locations just outside the gates of Schofield Barracks.

Mililani

In  the central  valley between  the island’s two  volcanic mountain ranges  lies the  town of Mililani. Approximately  seven miles southeast of  Schofield Barracks, the community  of Mililani has two distinct census  areas:

  • Mililani Town, located to the west of interstate H-2, is the older section of Mililani with approximately 28,000 residents.
  • More newly developed, Mililani Mauka, is located to the east of H-2, and has approximately 21,000 residents according to the 2010 census.

Centrally  situated with  every day conveniences at your fingertips, Mililani’s  ideal geographical situation offers  its residents easy access to the “city life” of  Honolulu to the south (16 miles via H-1) or the  “country life” of Oahu’s fabled North Shore (13 miles  via HI-803), where some of the world’s best surfers reside  and compete each winter.

If  Mililani  becomes the  town you call  home while assigned  to Schofield Barracks,  then a quiet suburban Hawaii  life will be all yours. Mililani  is, without a doubt, a great community  for families with its libraries, parks, schools, and  public golf course. The Town Center of Mililani includes plenty  of restaurants, a movie theater, entertainment and events, as well  as a variety of shopping options.

Kipapa Street in Millani | Photo Source: Honolulu Magazine

Buying

In 2017, the median sales price for a single family home in Mililani was $777,000. The 2017 median sales price for a condominium in Mililani was $375,000.

The North Shore – Waialua & Haleiwa

Waialua  and Haleiwa  are two North  Shore communities  that, although close  in proximity, offer two  separate and distinct environments when it comes to daily life.

Both former plantation towns, Waialua and Haleiwa’s populations  were under
4,000  at the  time of the  2010 census. However,  Waialua has a much quieter characteristic  than Haleiwa, which has a tourist activity year round, and for good reason; it has preserved  many of its old plantation era buildings and is one  of the most picturesque areas on all of the island.

During  the winter  months from November  to December, the North  Shore’s famous beaches are  home to the Triple Crown of  Surfing where you can watch the  world’s top names in surfing compete  for the Championship title.

To put it  simply, the vibe of the North Shore is second to none. From driving up Rte. 803 to  Waialua with the Pacific Ocean  painted on your windshield or crossing Rainbow Bridge into Haleiwa town with its many boutiques, galleries, shopping, and eateries, you’ll see why life on the North Shore is coveted.

Walk along the North Shore – Haleiwa to Laniakea Beach | Photo by Daniel Ramirez

The  distance  from the North  Shore to Schofield Barracks is approximately  10 miles. Places of interest  for visitors and residents include Waimea Bay, Pipeline Beach, Sunset Beach, and Haleiwa Beach Park.

Buying

In 2017, the median sales price for a single family home on the North Shore was $890,000. The 2017 median sales price for a condo on the North Shore was $421,250.

*Remember to check out the 2018 BAH Charts to see an estimated purchase price of what your BAH rate alone could afford to buy.

Discover more about the housing market surrounding Schofield Barracks in our 2018 PCS Guide! There’s also more to learn about schools, great restaurants, and how you can utilize your VA home loan benefits to become a Hawaii homeowner.

If you’re ready to get in touch with a VA Loan Specialist, contact us at 808-792-4251 or fill out this short online application.

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