The following are some of the steps that are followed for the Hawaii VA Loan and Real Estate Process to Owning Your Hawaii Home. There are definitely more than a few steps but you will at least have a guideline to follow for your Hawaii Military Relocation, your Hawaii VA Loan Process and owning your Hawaii Home.
- Speak to a Local Hawaii Lender to submit your information and get preapproved for a loan. (if you do not have a loan officer in mind, I can refer you to a few who are well qualified and licensed in the State of Hawaii) While talking to the Loan Officer make sure and let him/her know what kind of monthy mortgage payments you are comfortable with.
After getting preapproved for your loan ...
....your Realtor® will now know what price range to search for properties for you.
- Let your agent know what specifics and criteria you are interested in for properties. Giving your agent the specifics, location, # bedrooms/ # of baths, sq. ft. interior/land, parking, single family or condo/townhouse will make it easier to fine tune your property search. YOU CAN ALSO GET A HEAD START HERE>> HAWAII HOME SEARCH
- Make sure you have all your financial paperwork together to bring wiht you to Hawaii.(You carry on bags should have your bank statements, W-2's, LES's and important documents you will need to submit for your loan!) Your loan officer will give you a list of documents you will need.
- Certificate of Eligibility can be obtained from the Veterans of Affairs office but our lenders order them online once you start your loan process. If anything is held up we have a VA office centrally located on Oahu for your convenience and it takes just minutes.
- Starting your loan process before you arrive so you will have everything at hand when you submit an offer for a property. The loan process is the lengthy and important part of the transaction so it is better to be proactive in your process. Your funding fee can be included with your loan but you will have some closing costs to close with. NOTE: If you are a Disabled Veteran make sure and let your loan officer know as you could be eligible to have the funding fee waived.
You arrive on the island of Oahu! After getting rested you are ready to meet your Realtor®!
- Appointments were made prior to your arrival and we are ready to search for your new home! When you decide that you would like to put in an offer we will go through the whole 12 page (plus addendum's) contract and submit it to the sellers agent to present to the seller.
- After the offer is accepted the loan process begins. You will meet with your Loan Officer to submit your complete application and submit all documentation needed for your VA Loan process packet. Then it goes to Underwriting to process the initial packet and order the appraisal with their VA approved appraisers.
- The Home Inspection is the next step of the process. You definitely will want to have a professional home inspection done. You need to know the condition of the property and request for repairs from the seller if needed.
- The Condominium and/or Subdivision Association Documents should be ordered immediately after acceptance of the offer and in the buyer's hands within 10-14 days after acceptance. This agent will make copies of the Budget, last three Association minutes and the Property Information form (RR105C) and submit it to the lender. They need this for the VA Loan Guidelines and process for your loan. (these documents will show how the Association budgets their money in reserve. % of owner occupants, any pending concerns or litigation going on and so forth.
- Provided your loan process goes smoothly you should have a Conditional Loan Commitment Letter within the first three weeks in contract. This is an approval of your loan with Conditions. Maybe you need to submit a couple of more documents or the appraisal is not in yet or the survey and termite inspection are not done yet. These are the types of conditions that will be listed on this letter.
- Within two weeks after the Conditional Loan Commitment letter is issued all the conditions should be complete and you will have your final loan approval. You and your Realtor® will attend the signing of escrow and loan documents. Not to worry! I attend all signings with you.
- After the signing, the loan officer takes the notarized and signed documents to go through processing and within 2.5 days the Lender should have funded the money for your loan to the escrow company.
- When escrow receives all monies then they will take the documents to the Bureau of Conveyances in Honolulu. From that time it takes two business days and it will be recorded. At this time, the home is legally yours.
Congratulations! Here are the keys to your new home!
It's not easy moving across the Pacific Ocean let alone to a totally different "world" of people...
.... but you can do it with a little effort, motivation and a great Realtor®!