Honolulu County IS of the whole island of Oahu in the Hawaiian Islands. With 50+ Hawaii Military Bases and Installations on our island alone, you can guaranty that the VA Guaranteed Loan is the way to go for the Hawaii Military Veteran purchasing their piece of Hawaii and paradise with a place they can call home.
(picture to left is the model of the USS Arizona Memorial depicting the ship under water and the memorial above at Pearl Harbor Hawaii)
Remember, VA Guarantees a percentage of the loan and you still have to go through a Lender that actually does do VA Loans and it is for your OWN PERSONAL USE. (not all banks, credit unions and loan companies do VA Loans). The Veterans Administration Guaranteed Loan is one of just a couple of loan programs that allow the Veteran to finance the funding fee as well as come in with no down payment. (100% financing).
In my experience, the Hawaii Based Military personnel have purchased homes or condos totalling 1/3 of my total sales with their VA loan benefits. I have learned the process very well and you may as well consider me a Seasoned Real Estate Agent for VA Transations and the Hawaii Military Relocation.
I take pride in my relationships with the Military Stationed in Hawaii and pay particular attention to their needs when they Relocate to Hawaii. Military Transfers & Relocations to Hawaii: A Geographical Shock tells my story and travels as a Military Dependent but also that the Hawaii Military Veteran makes up 10% of our population on Oahu & the Active Duty Military Personnel make up about 3.5 % of our population on Oahu.
The following guidelines will help you in preparing for your Hawaii Relocation (or even if you already live here and are purchasing a home) and learning about the transaction process using your VA Guaranteed Loan:
- Your Realtor® needs to know what price range you qualify for in order to search through the MLS system for properties in your criteria that you provide (i.e. #bedrooms, baths, etc). If you do not know a LOCAL lender Your Realtor® can refer you to a couple who are well qualified and know the State Laws In Hawaii. Local lenders also will be walking along side you step by step as well as being face to face at time of signing loan docs.
- When the Loan Officer lets both you and Your Realtor® know what price range you are qualified for the Oahu and Surrounding Neighborhood Search: Relocations Hawaii gives you information on how Your Realtor® will set you up with a detailed web page according to your criteria for property listings.
- Get your financial documents together (and make sure you don't let the movers pack them!) such as LES's for a whole month prior (you can also get this on MyPay online so not to worry), last two years of W-2's, last two months bank statements, any documents relating to your VA disability (if you are a disabled vet) and whatever the Loan Officer tells you that you will need.
- Your VA Certificate of Eligibility will be ordered by the Loan Officer online once you go through the loan application process and it saves you the trip to Tripler Army Medical Center -VA Office- so, not to worry. VA guarantees approximately 25% of your loan to the lender.
- Your Credit (FICO) Score and Income make a difference if you are to be qualified for a VA Loan. Remember, just because you have VA Benefits does not mean you don't have to have decent or
some credit. There is a criteria that the Lenders follow according to VA guidelines. (i.e. if you have NO credit you cannot obtain a loan. Get a gas card and credit card to establish credit. You DO have to show a history of payments). Your debt to loan ratio is also taken into consideration and part of the criteria. - This Realtor® makes showing appointments according to the criteria you have specified. You will know which home to put an offer in on and it'll be when you walk in a home and you say, "This feels like the right home for me!"
- Then the contract is drawn up and this Realtor® explains each contingency throughout the contract while signing. The offer is submitted to the Seller's Agent and when it is accepted by the seller the Transaction and Loan Process begins!
- This Realtor® sends the accepted contract to the Loan Officer and Opens Escrow. All documents and you initial deposit check will be submitted to escrow during the transaction and you will make an appointment immediately to submit all documentation and go through the VA application/signing with the loan officer. From there the loan officer orders the appraisal.
- This Realtor® will set a time & date coinciding with your schedule to do your home inspection and will also give you a list of professional home inspectors to choose from. The home inspection will show you if there is anything to be repaired or remedied,
- 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. Approximately two to three days after signing the lender will wire all monies to escrow (funding) and when escrow receives all monies they will take the documents to the Bureau of Conveyances to record. One day later the Bureau gives clearance of recording and in turn escrow notifies all parties,
At this time, I call you and say, Congratulations! You now own your home!
How Can I Obtain More Information About VA Home Loans?
Call VA at 1-800-827-1000 or contact a local lender or real estate professional. Pamphlets available from VA include: 26-4 VA Guaranteed Loans for Veterans
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It's not easy moving across the Pacific Ocean and purchasing your Hawaii Home;
let alone to a totally different "world" of people.
But you can do it with a little effort, motivation and a great Realtor®!
If you're Relocating to Hawaii (regardless if it's near future or just wanting to be proactive for the future) contact me to get started with your search for Hawaii Homes for Sale.
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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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