Veterans Administration (VA) Loans in the State of Hawaii

Mortgage and Lending with Island Lending Hawaii, LLC | Equal Housing Lender NMLS# 312260 / 1460208

Veterans Administration loans were created to help veterans finance the purchase of their homes with favorable loan terms. For the purpose of the VA program, “veteran” includes active duty service personnel and certain categories of spouses. Like FHA loans, the federal government insures VA loans, or guarantees VA approved lending institutions against loss from default on qualifying loans.


Program & Features :  (2012 June ) 

  • Fixed Rate Loans
  • Available for detached 1-unit dwellings, eligible condos and PUD's
  • Properties must meet VA guidelines and be inspected by VA-approved appraisers
  • Subject to loan limit set by VA, see 2012 High Cost County Limits below.
  • One time mortgage insurance fee of 2.15% is typically charged, which may be financed if the total loan amount does not exceed VA limit ( See Chart Below )
  • No prepayment penalty
  • 6-12 months PITI* reserve requirements at closing (depending on loan amount)
  • No down payment required if loan amount does not exceed VA limit
  • Out-of-pocket expenses may be gifted, typically from relatives
  • Only eligible veterans and their spouses occupying the subject property
  • Seller may contribute for Closing Cost, however some rules apply.

* PITI: Principal, Interest, Tax, and Insurance


VA Funding Fee Chart ( June 2012)  

The Funding Fee is calculated by looking at 5 different factors: Loan amount, loan type (Purchase or Refinance), type of service, down payment (if any) and prior VA loan use. Take a look at the charts below to see how the va funding fee varies based on these factors.

Posted by

George Thoma     | NMLS 312260

Branch Manager  | Island Lending Hawaii LLC . | NMLS 1460208 

Phone: 808.357.9791 | Fax:  808.441.5341

Email: gthoma@ilhillc.comMy Website 


33 N. Market Street, Wailuku, Hi 96793


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George Thoma

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