Aloha Military Members,
Firstly Thank You for your service. If you are considering purchasing now is the time. Here are some basics to consider so you can make an informed decision.
1. First and most importnat if you have service time the BEST loan for you is a VA Loan.
2. !00% Financing up to $783,750 In Honolulu County. This does not mean you have to purchase this high, but you are entitled if you should be able to qualify. There is no other investment out there that will let you leverage 100%. The least amount of BAH should qualify you for roughly $320,000 Of home. Be careful as your other debt will also be counted.
3. Dont be discouraged about the VA Funding Fee, This fee is 2.15% of the total loan amount for first time use and 3.3% there on after. Should you be doing a VA streamline it is .5% The fee is applied for two reason's. #1 You are borrowing 100% so there is a certain amount of risk to a Lender. should you default the VA is guarantying they will pay 25% to the Lender on your behalf. #2 All the VA funding fees are put in a giant collective pot and used on a service member's behalf to repay the Lender should a difficult situation arise for the military member. In a sense you are helping a brother or sister in need.
4. Interview your Realtor and Loan officer. If your loan officer can not go online and pull your certificate of eligibility the spot ,or does not know how to access the VA portal, SOMETHING IS WRONG!!!
Thank you for taking time to get a little education. Should you have any questions, or would like to meet for a personal consultation, please feel free to contact me at *808* 382-7444. Once again Thank You for your service.
That's all folks'
Dave White
VA Loan Hero
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