Hawaii VA Loans | Hawaii Military Relocations | A Realtors® Insight into the Process

By
Real Estate Agent with Century 21 Liberty Homes RS-#62825

 Active Duty or Veterans of the Armed Forces have VA Home Loan benefits for their home purchase that have proven beneficial for when it comes to little or no money down loan program. (provided their credit is satisfactory) VA guarantees the Local Lender that they will reimburse the lender a percentage should the veteran default on their loan.  

 *Across the Ocean to Paradise: Military Relocations Hawaii* has loads of information for your Military Relocation to Hawaii so you will have pertinent information on what to expect in your relocation to our island paradise.

Currently, I have one VA Loan client in contractand the other one has already been prequalified and coming to Honolulu Hawaii next month specifically to put in an offer during their 5 day house hunting trip so they can return back to the mainland and pack for their Hawaii Relocation in February. VA Loans are abundant here due to our high volume of military personnel and presence on Oahu, Hawaii.

The following steps are what this Real Estate Professional does in order to make your Relocation to Hawaii as smooth as possible concerning your real estate transaction and VA Loan Process.

  • Speak to a Local Hawaii Lender (if you do not have one I can refer you to a few who are well qualified in the State of Hawaii) to submit your information and get prequalified. While talking to the Loan Officer make sure and let him/her know what you are comfortable with for monthly mortgage payments. After getting prequalified your Realtor® will now know in what price range to search for properties for you.
  • Let your agent know what other criteria you are looking for as far as # bedrooms/ # of baths, sq. ft. interior/land, parking, single family or condo/townhouse. Just remember to go over the  *Across the Ocean to Paradise: Military Relocations Hawaii* because this gives pertinent information on what to expect in your Hawaii Relocation.
  •  Get all your financial paperwork together so you will have it with you when you arrive.(Do not pack your bank statements, W-2's, LES's and important documents you will need to submit for your loan!)
  • EDIT: If you have a couple of months to spare you may order your Certificate of Eligibility from the Veterans of Affairs office. It is not necessary to do so though, because our lenders order them online once you start your loan process and if anything is held up we have a VA office centrally located on Oahu for your convenience and it takes just minutes.
  • Start your loan process before you get here so you will have everything in place when you submit an offer for a loan. 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.
  • Appointments are made and off we go in search of 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 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 for signing documents with escrow and the loan officer. Not to worry! I attend all signings with you.

In Hawaii, we do not sign at the same time as the Seller due to conflict of interest and we sign approximately four days before recording. 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 to record. By the next business day it will record and we usually get word between 8-10am. At that time, the home is legally yours and I will have already made arrangements and have your keys in hand to open the doors to your new home.

Congratulations!

It's not easy moving across the Pacific Ocean let alone to a totally different "world" of people but you can do it with effort, motivation and a great Realtor®! 

~~~~~~~~~~~~~~~~~~

Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

  

 

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Celeste "Sally" Cheeseman  is a Realtor-Associate® and Certified Residential Specialist (CRS) with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.

 

 © 2007-2015 Celeste "Sally" Cheeseman's

Hawaii Real Estate and Relocation Blog.

All rights reserved.

     

 


 

 

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Hawaii Honolulu County
Tags:
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Rainmaker
1,383,145
Gary L. Waters, Broker Owner, Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Rockledge, FL
... a small office, delivering big service!
Sally _ good info on the process. I can see where a VA or relocation buyer could feel pretty confident in your service.
Dec 26, 2007 12:38 AM #10
Rainmaker
1,815,065
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Waukesha, WI
Waukesha County Realtor Real Estate agent,Waukesha

Sally

I do not do a lot of VA loans anymore, but I certainly took a lot of good information with me in this post.

Sincerely

Tom Braatz

Dec 26, 2007 01:10 AM #11
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally, it was a very enjoyable day.  We visited my Mom in the hospital for a couple of hours and then we had dinner with my brother and his family and exchanged secret Santa gifts.  I even got to test out my new GPS that I got for Christmas.

Dec 26, 2007 01:54 AM #12
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Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

This is a great outline, Sally, for veterans as well as those who are not familiar with the VA loan process.

Jeff 

Dec 26, 2007 02:21 AM #13
Rainmaker
297,103
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate
Sally- My last VA loan went very well.....and the Loan Officer did order the CE...as you said it is very important to have the right person, as not everyone can do these loans no matter what they say.  You have given such a clear picture of the process.........and I know that any client relocating to Hawaii would be in the right hands with you as their Professional.........you think of everything :)
Dec 26, 2007 02:24 AM #14
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Randy: I guess that's what it is. The LO's have done it online for the past two years or so and they have had the vet go to tripler if it's taking too long. (can't see it taking too long when it's slow now though :)
Dec 26, 2007 02:44 AM #15
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Suzanne: I've heard that from all over the country. I kind of like it this way. I've heard horror stories of even early occupancy going bad.

Dec 26, 2007 02:46 AM #16
Rainer
16,116
Belinda Sanchez, Realtor
AgentOwned Realty Company - Summerville, SC

When we did a VA loan for my personal home purchase here in Charleston SC, My LO ordered the CE too. It made things easy for us as Buyers. As a Realtor I have not had a VA buyer client yet. But, thanks for the tips. Charleston is a big Military city and I am sure I will have one soon enough whether a referral, relocation or otherwise.

Belinda Sanchez

www.belindasanchezhomes.com

 

Dec 26, 2007 02:46 AM #17
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Neal: Just went up to 700k over here. The Housing Allowance just changed as well although some ranks did not go up...some did...some went down a few bucks...some stayed the same.

Dec 26, 2007 02:47 AM #18
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Marc: They do it online now...I thought that was all over...in fact...I think it is :) Restful...went out to eat with the family and watched Underdog after :)
Dec 26, 2007 02:50 AM #19
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Teri: I just added an edit to my post. It is not necessary as it is ordered online and if they want to go out of their way to our local VA office that's fine as well. If they want to order it and wait for mail that's fine too. We just try and make it a smooth process :)  And about 75% of my business are military and doing a VA loan so it's almost like the norm here with our office being centrally located to all.
Dec 26, 2007 03:02 AM #20
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Carole: Why of course!  They get a relocaton packet with all info ....be rest assured!
Dec 26, 2007 03:54 AM #21
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Hi Pat!  Well, you must be wanting to take a vacation then?

Gary: We gotta know our stuff...or how are we able to give great service?  :) Thanks!

Tom: Well, if you ever are in an area where you need to give info....I'm sure you took a bunch of info from here to relay to your client :)

 

Dec 26, 2007 04:25 AM #22
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
George: Great!  I suppose the GPS is a new toy for you and will come in handy :)  Glad you had a nice day buddie!
Dec 26, 2007 04:26 AM #23
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Thanks Jeff!  I learned well with all the VA transactions I have had. One of the more stricter loans and now?  Well, one of the very few loan programs to come in with no money down etc. Great for the relocating client who most likely doesn't have a bunch of money to put down..ya know?

Belinda: My dad was in the Navy and back in the early 60's we lived in Charleston. A red brick house. I'm sure you'll get a bunch of military clients there as it is big military city (most likely way big from when I was there lol)

Dec 26, 2007 04:30 AM #24
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally, yes it is a great new TOY ......... LOL

Our Underwriters have access to the VA computer and can usually print out the Certificate of Eligibility for the Veteran right on the spot, but when for some reason we can't and they have to order it themselves, it can slow things down for a couple of weeks.

It would be great to have a VA facility near us like you have, that would speed up a lot of things. 

Dec 26, 2007 05:53 AM #25
Rainer
122,117
Christy Powers
Keller Williams Coastal Area Partners - Pooler, GA
Pooler, Savannah Real Estate Agent
Great post. I had to read this after reading your testimonial.
Jan 24, 2008 03:20 AM #26
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

George: How could I have missed you here!!!! Yup...one advantage of being out in the Pacific...they have a lot of things right here :)

Christy: Thanks for dropping by here too!

Jan 24, 2008 03:43 AM #27
Rainer
14,415
Jay Oku
Academy Mortgage Corporation - Ewa Beach, HI

I was googling VA loans Hawaii to see if I had made it up there yet and there you were with this fantastic article. As always... great content! Aloha Sally...

By the way, thank you for putting me in touch with your office coordinator!

Oct 03, 2008 10:24 AM #28
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Jay: Who's that? Anyway, thanks!

Oct 03, 2008 10:45 AM #29
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