This Realtors® Perspective: Hawaii Military & the VA Loan

By
Real Estate Agent with Liberty Homes RS-#62825

shipHonolulu 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 HawaiiMilitary 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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. 
  6. 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!"
  7. 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!
  8. 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.
  9. 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,
  10. 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.
  11. 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.
  12. 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

 

  • Honolulu County Hawaii Military Bases & Installations- Oahu Neighborhoods
  •  LIVE on VIDEO: A Hawaii Military Relocation Story Comes to Life
  • *Across the Ocean to Paradise: Military Relocations Hawaii*
  • The Art of Hawaii Relocations
  • The Cost of Living Factor in Considering A Hawaii Relocation
  • Oahu and Surrounding Neighborhood Search: Relocations Hawaii
  • Aiea, Pearl City Neighborhoods- Hawaii Military Relocation
  •  

    ~~~~~~

    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.

     

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

    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

      

    Posted by

                                                           

     

    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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    Ambassador
    1,090,784
    Celeste "SALLY" Cheeseman
    Liberty Homes - Mililani, HI
    (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

    William: Already did and surely beneficial for VA eligible members.Thanks!

    Jun 20, 2008 10:44 AM #9
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    George Souto
    George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
    Your Connecticut Mortgage Expert

    Sally VA Loans are a major advantage to those that qualify for them, and it pays to be in touch with those who are knowledgeable about the VA Loan Process like yourself.  From this post it is obvious that you are a go-to source for veterans.

    Jun 20, 2008 01:12 PM #10
    Ambassador
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    Celeste "SALLY" Cheeseman
    Liberty Homes - Mililani, HI
    (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

    George: I appreciate your confidence in me George...gee, when you get here I'll be your agent :) So far this year...all have been VA loans...got one closing next week....VA loan.. :)

    Jun 20, 2008 01:38 PM #11
    Rainmaker
    645,667
    Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty
    Leolinda Realty - Surprise, AZ
    Sun City Grand in Surprise Arizona

    Sally, you have produced some of the most valuable information that anyone relocating to the islands would need.  Your VA blog can be used anywhere in the US where a veteran is interested in purchasing a home.  Awesome job!

    Jun 20, 2008 03:43 PM #12
    Ambassador
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    Celeste "SALLY" Cheeseman
    Liberty Homes - Mililani, HI
    (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

    Thanks Leolinda!  I love doing these posts....a good one like this ..is an addition to my packet :)

    Jun 20, 2008 04:39 PM #13
    Rainmaker
    299,086
    Kathy McGraw
    CELLing Realty - White Water, CA
    Riverside County CA Real Estate

    Sally- I knew you would do an outstanding job on this :)  And whether it was Lenn or whoever...this did not disappear and you got a gold star for your efforts :)  Great Job.

    Jun 20, 2008 05:09 PM #14
    Ambassador
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    Celeste "SALLY" Cheeseman
    Liberty Homes - Mililani, HI
    (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

    Kathy: And this was doing the rest at the office and on the laptop....my wrists hurt :)

    Jun 20, 2008 05:23 PM #15
    Rainmaker
    655,882
    Bob & Carolin Benjamin
    Benjamin Realty LLC - Gold Canyon, AZ
    East Phoenix Arizona Homes

    This is a terrific post. Very thorough and lots of knowledge. Thanks for sharing.

    Jun 20, 2008 05:42 PM #16
    Ambassador
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    Celeste "SALLY" Cheeseman
    Liberty Homes - Mililani, HI
    (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

    Bob/Carolin: Thanks!  I worked hard on this....for over a week :)

    Jun 20, 2008 05:43 PM #17
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    William Johnson
    Retired - La Jolla, CA
    Retired Real Estate Professional

    Ok, I should have guessed it and I thought I came up with this great idea of laminating it and distributing it to all the VA lenders as a handout and figured that it would get you a ton of new business. I'm spent now and have nothing more to add, except congratulations on another winning post.

    Jun 20, 2008 06:05 PM #18
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    William Johnson
    Retired - La Jolla, CA
    Retired Real Estate Professional

    PS Ps, I can only do one genius idea a day so nothing more till tomorrow, LOL Eventually I'll hit on something,LOL

    Jun 20, 2008 06:07 PM #19
    Rainmaker
    1,518,342
    Gary L. Waters Broker Associate, Bucci Realty
    Bucci Realty, Inc. - Melbourne, FL
    Fifteen Years Experience in Brevard County

    VA is especially a big option for your market.  Definitely market that knowledge!

    Jun 20, 2008 11:59 PM #20
    Rainer
    46,150
    Elena Thurston, Family Real Estate Specialist
    Keller Williams Legacy One - Gilbert, AZ

    Excellent post for military families relocating to Hawaii.  Great job Sally!!

    Jun 21, 2008 02:16 AM #21
    Ambassador
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    Celeste "SALLY" Cheeseman
    Liberty Homes - Mililani, HI
    (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

    William: You are a blogging machine! LOL!

     

    Jun 21, 2008 06:27 AM #22
    Ambassador
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    Celeste "SALLY" Cheeseman
    Liberty Homes - Mililani, HI
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    GAry: Sure is and I'm glad you believe this would be helpful too :)

    Elena: Thanks!

    Jun 21, 2008 06:53 AM #23
    Anonymous
    Sondra Meyer

    Sallly, haven't been able to get logged in tonight, so I guess I'll just comment this way.  Congratulations on the featured post.  This is a very well written set of guidelines.  I've never been to Hawaii, although I currently am working with a seller that lives there.   

    Jun 21, 2008 04:35 PM #24
    Ambassador
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    Celeste "SALLY" Cheeseman
    Liberty Homes - Mililani, HI
    (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

    Sondra: Wonderful!  Who knows...we may get connected when you come to visit one day :) 

    Jun 21, 2008 05:20 PM #25
    Rainmaker
    96,200
    Yvette Smith
    LONG & FOSTER - Williamsburg, VA
    Realtor In Williamsburg VA, Homes for Sale

    Sally, As someone affiliated with the military (Army spouse), this is awesome info that I'm sure will be greatly appreciated by our service men & women.

    Thanks so much.

    Jun 21, 2008 05:23 PM #26
    Rainmaker
    413,193
    Lisa Heindel
    Crescent City Living LLC - New Orleans, LA
    New Orleans Real Estate Broker

    Sally, another great post of all of the steps in the process...critical information for those military families that are moving to your area and in such an easy to read format too!  Kudos to you for remembering that not everyone understands the entire process and that your expertise is in keeping the details covered.  Wonderful job!

    Jun 22, 2008 11:00 AM #27
    Ambassador
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    Celeste "SALLY" Cheeseman
    Liberty Homes - Mililani, HI
    (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

    Yvette: This is great for all vets..active or non. I know one thing....military has a strong presence here and it is beneficial for all agents to know the process as welll....sooner or later they'll have a VA transaction.

    Lisa: Thank you so much...as you are one who does so many Localism post for your area....I appreciate that.

    Jun 22, 2008 04:21 PM #28
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