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By Erin Delgado March 1st 2018 0 Comments

PCSing To: Marine Corps Base Hawaii

Did you find out that you’re being assigned to Marine Corps Base Hawaii? Be stoked! MCBH is located on the Windward side of Oahu where you’ll find some of the best beaches and activities on the island. Your time here will likely be the kind you tell your grandchildren about – the blue ocean, the warm waves, the shave ice – Hawaii will leave a lasting impression.

Yet, Hawaii doesn’t need to become only a distant memory. In fact, many military families assigned to MCBH (and other Oahu bases) decide to put down some roots, so-to-speak, in terms of homeownership. They may choose to retire in Hawaii at the end of their careers or keep their property as an investment and long-term rental.

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

Here are some numbers to consider when getting started:

For 2018, the VA loan limit on Oahu is $721,050 with no down payment. If you’re looking at a property above this limit, you may consider financing with a VA Jumbo Loan.
Check out the 2018 BAH Charts to see an estimated purchase price of what each BAH rate could afford to buy.
Finding out how much you qualify for is easy. Contact a VA Loan Specialist to get 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 Marine Corps Base Hawaii and Windward Oahu, download our free 2018 MCBH PCS Guide. Now, continue reading below about Kaneohe and Kailua – two towns just outside the gates of MCBH.

Kaneohe

Located southwest of Marine Corps Base Hawaii, the community of Kaneohe with its 35,000 (approximate) residents has one of the best geographical situations in all of Oahu with its beautiful views of the Ko’olau Mountains and the stunning scenery of Kaneohe Bay. Lush and green due to its abundant rainfall, waterfalls can be seen flowing from the mountains on rainy days.

Kaneohe real estate, specifically, is also considered to be more affordable in comparison to Kailua real estate, resulting in great opportunities for single family home and condo buying.

The majority of Kaneohe’s shopping district and retail stores can be found easily on Kamehameha Highway. Kaneohe’s location is ideal for travel to Honolulu (approximately 30 minutes). There are three major highways (Pali/Likelike/H3) that are accessible for commuting to town and to military bases around the island. Even more, route 83 from Kaneohe will take you up the Windward coastline to the North Shore.

Kailua

Located southeast of Marine Corps Base Hawaii, the town of Kailua with a population of 40,000 (approximate) offers nothing short of the complete package for island living. Driving through the Pali tunnels on your way to Kailua with its stunning views of the Windward coast immediately tells you why so many people are drawn to its shores.

Kailua is a versatile town that offers plenty of activities for people who crave adventure and the outdoors. From Kailua Bay, you’ll see people kite surfing, kayaking, paddling, swimming, and surfing. If ocean sports aren’t your thing, there are equally enough options for walking, hiking, sightseeing or simply, relaxing.

Due to its popularity, Kailua is known for its strong real estate market. In 2017, the median sales price for a single family home in Windward Oahu was $993,750; the median sales price for a Windward Oahu condo was $542,500. Newly constructed condos like those by D.R. Horton on Kailua Road add to Kailua’s more affordable condo-living options.

Discover more about Kaneohe and Kailua in the 2018 Marine Corps Base Hawaii PCS Guide! Learn about schools, activities, restaurants, and how your VA home loan benefits can help you become a Hawaii homeowner.

If you’re ready to get started, contact us at 808-792-4251 or fill out this easy online application.

By Erin Delgado June 29th 2016 0 Comments

Top 5 Best Ways to Get Ready to Buy a Home

As with anything in life that you set out to do, preparation increases the likelihood of success. Somehow, we think our hardworking veterans and service members know that already! Yet, for many, buying a home in Hawaii is the endeavor of a lifetime that can come with many questions about how to get set up to do so. Therefore, we give you the five BEST ways to get ready to buy a home using your VA loan.

1. Learn About Your VA Loan Benefits

The first step in preparing to buy a home is to learn about your VA Loan benefits and the VA loan process in Hawaii. There are multiple ways to gather that knowledge.

Download our VA Homebuyers’ Guide. This comprehensive guide is easy-to-read and combines all of our knowledge as a local Hawaii VA loan lender since 2007, and it’s free.
Check out the Top 6 Benefits of VA Loans to discover why VA loans are preferred over conventional loans.
Call us at 808-792-4251 or fill out our contact form. If you want to talk one-on-one with a VA Specialist to find out more information regarding your VA loan benefits, the VA loan process, your VA loan eligibility, etc. – we’re happy to answer any question you may have.

2. Take Control of Your Debt

Not only can debt negatively affect your credit score, each dollar of minimum monthly payment reduces the amount of housing payment you qualify for. This can lead to being pre-approved for less than you had hoped for. Here are some ways to increase your buying power.

Eliminate or reduce car payments OR don’t buy that new car! FACT: At today’s interest rates, a $600/month car payment equates to approximately $125k in buying power!
Decrease high credit card payments. TIP: It may be smart to convert that credit card debt to an installment loan with lower monthly payments. This could increase your credit score over time as long as you keep that freed up credit card balance near zero.
In order to be approved for a VA loan, the lender will analyze your Debt-to-Income ratio (DTI), as well as your residual income to make sure you are financially set to afford a monthly mortgage.

3. Save Money

Building up your savings affords you flexibility in the home buying process. It also helps with potential home renovations or upgrades you may desire after purchasing a home. Budget your earnings so that you’re saving funds each month. You’ll feel comfortable knowing that extra money is available.

The VA loan limit for Hawaii is $726,525. However, you may find that you are interested in a home that is listed at a higher selling price than the county loan limit. In such a case, you may use the VA Jumbo Loan as an option if you have a percentage available for a relatively small down payment.
During the VA appraisal process, the VA home inspector will make sure that the home meets VA safety guidelines that protect the service member and veteran homebuyer. However, it is helpful to have money saved to make any upgrades or personal changes once your loan has closed and you receive the keys to your home.

4. Get Pre-Qualified

Pre-qualification is an informal process that means you’ve contacted a VA Loan Specialist, allowed them to review your credit, and provided them verbal information regarding your assets and monthly income.

Getting prequalified can take as little as 15 minutes by calling us or coming in to meet with us at our Kailua or Kapolei office.
Such an informal process makes getting pre-qualified quite simple, but it also adds a level of risk that the information may be misinterpreted. Thus, getting PRE-APPROVED for a VA loan is the next definitive step to take as you prepare to buy a home.

5. Get Pre-Approved

Once you are pre-qualified, the loan officer provides you with a list of documentation needed for review in order to verify the figures provided. You’ll likely sit down together, he or she will make any adjustments to income and assets per the verification documents and submit the loan through an Automated Underwriting System to determine the approval and eligibility. This process is much more thorough and gives both the borrower (you) and the real estate agent the added assurance that financing should move smoothly.

Here’s a list of the documents your loan officer may ask for in order to complete a Pre-approval:

Most recent LES or pay stub (total of one month).
Most recent 2 years of Federal Tax Returns (including all schedules & W2s).
Most recent 2 months of bank statements showing assets that will be used for closing.

By taking the steps above to learn about the VA loan process, controlling your debt, saving money, and getting pre-approved, you will be well on your way to making your first home purchase. It’s an exciting time for you and as Hawaii’s longest-running VA loan lender, we look forward to helping you become a homeowner!

Photo credit: Edmund Garman

By Jim Owens August 20th 2013 0 Comments

Certificate of Eligibility: What You Need to Know

The first step in a veteran’s home buying journey is to investigate financing. To utilize the terrific benefit of the VA Loan, a buyer begins by obtaining a Certificate of Eligibility (COE) from the Veterans Administration to qualify for a VA Loan. Here in Hawaii, one of the easiest ways to obtain your COE is through Hawaii VA Loans here with our online form and experienced loan officers to guide you through the process. The COE has very important information for the veteran and the lender including past usage, maximum entitlement (based on region), what the funding fee will be, or if the veteran is exempt from it! To start, a veteran must have been on active duty for 90 days, or in the reserves for 6 years to qualify for the VA Loan benefit. The maximum entitlement for Honolulu County (Oahu) is $765,250 for 100% financing (no down payment) however a veteran can still get a loan amount higher than this up to $1.5 Million. Known as a VA Jumbo loan, this allows for a larger loan amount and includes a down payment equal or greater than 25% of the difference between the max loan amount and the desired purchase price.

Active duty service members after ninety days are always eligible, yet veterans who serve in the Reserves/Guard, POW/MIA Spouses, Unmarried Surviving spouses and veterans from WWII through the Persian Gulf are all eligible with different time requirements from none, through two years. There are three ways to obtain your Certificate of Eligibility, the easiest is through Hawaii VA Loan’s online portal. You can also apply online through eBenefits online or via the mail using VA Form 26-1880 and/or VA For 26-1817. Once you’ve obtained this certificate and your loan pre-approval from Hawaii VA Loans, your journey of house hunting in Hawaii can truly begin!

By Gabe Amey January 9th 2013 0 Comments

2013 VA Limits Announced

Another year – means another update to the VA Loan Limits. ?Back in August, VA announced a significant increase to the loan limit for Honolulu County – up to $756,250. ?Looks like in 2013, they decided to drop it down a tad to $750,000 for the island of Oahu.

For the neighbor islands, the loan limits remain the same at $625,500:

Please keep in mind – that these are the limits for 100% financing (no downpayment). ?A Veteran can still get a loan amount higher than this – up to $1.5 Million, known as a VA Jumbo loan, ?as long as they qualify for that loan amount and can make a downpayment equal or greater than 25% of the difference between the max loan amount and the desired purchase price.

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