Hawaii VA Loans

Secure a VA Mortgage in Hawaii

If you’re a veteran of the US Armed Services and you plan to purchase a home in Hawaii, consider a Hawaii VA loan to help you finance it.  You can also you a VA loan to refinance your current mortgage.  These loans are available only to veterans and are backed by the Department of Veteran Affairs (VA).

Jump to: Eligibility | Loan Limits

What is the VA Loan?

VA loans are simply mortgages provided by traditional lenders to veterans.  These loans are backed by the VA itself, however, and this allows lenders to offer lower rates and more favorable terms to the veterans they serve.  This program is meant as a way of giving back to those men and women who have given so much for our nation, helping them purchase homes and become stable long term homeowners.

VA Loan Benefits in Hawaii

The standard benefits attached to a VA loan in HI are the same as those that come with VA loans elsewhere in the nation.  Consider the following advantages VA loans have over conventional loans.

• There is no down payment requirement.  In many cases, veterans are able to purchase homes without putting any cash down at closing.
• There is no private mortgage insurance requirement.
• In many cases, closing costs are significantly reduced or paid by the seller in a seller concession.
• Credit score and income requirements are eased for veterans.
• There are many different types of loans available.  You can simply pick the mortgage type that you need.

VA Loan Requirements and Eligibility

The specific requirements that you may need to meet in order to qualify for a VA loan will differ depending on which lender you choose to work with.  But the basic eligibility requirements for VA borrower status are the same across the nation.  They are outlined here.

• You must be an American citizen who has served in the US Armed Services.
• You must not have been dishonorably discharged.
• You must have served for at least 90 days continuously.
• You should have a minimum qualifying credit score of 620.

You’ll need to prove all of this with your certificate of eligibility that you can receive from the VA office.  A VA loan specialist can help you determine what other requirements you need to meet.

VA Refinance

You can use a VA loan to refinance a mortgage on your current home.  A Hawaii VA Streamline refinance, or IRRRL refi, can help you save up to thousands of dollars on your monthly payments and in total interest cost over the life of your loan. 

Cash-Out refinancing is another option guaranteed by the VA. Qualifying veterans can withdraw up to 100% of their home equity as cash, whether they posses a current VA mortgage or not. Those who did not previously have a VA mortgage will be refinancing into one with the VA Cash-Out program. 

Contact a local lender in your area by filling out the form above to get additional information.

Hawaii VA Mortgage Rates

You should do as much research as possible and track mortgage rates on VA loans in your area for a few months prior to your home purchase or refinance.  This is a good way to get a feel for the current market situation.  Better still, get in touch with at least four different lenders in your area and find out directly from them what rates re like.  Different lenders offer different rates.  If you want to find the best mortgage rates, you’ll need to ask around.

VA Lenders in Hawaii

If you’re ready to start comparing VA mortgage lenders in Hawaii, fill out the form above and we’ll match you with up to four qualified local lenders who have experience handling the type of loan you need.  Internet research is good, but at some point you’ll have to contact local professionals to understand the situation in your local area.  You can learn about VA loan limits in Hawaii from the Department of Veteran Affairs.

Hawaii Military Information

Hawaii has long been a place of major military operations for the United States.  There are currently seven military installments on the islands.  Some of the most well known are Hickam Air Force Base, Fort Shafter, and Pearl Harbor Naval Shipyard.

VA Loan Lending Limits in Hawaii

Lenders in: Hawaii.