The VA Home Loan Benefit 2011-2012 Hawaii update
Did you know that VA loans in Hawaii are now competitive with conventional loans?
- on Maui the loan limit is up to $625,000
- sellers are not required to pay the buyer's closing costs anymore
- interest rates are now based on market rates, not set by the VA
- VA assigns the appraiser and it will be a local Maui appraiser
What kind of property is NOT eligible for a VA loan?
- no land or construction loans
- no off-grid properties or water catchment systems
- no tear-down homes or serious fixer-uppers
- no condo-tels or condos that have a front desk for bookings
- no age specific retirement communities
- no new projects unless 70% is already sold
What are the benefits of getting a VA loan?
- no down payment required
- 100% financing with no private mortgage insurance (PMI)
- can borrow funds for closing costs
- the funding fee is financed into the loan
- no pre-payment penalty
- refinancing is streamlined with no appraisal fee or income verification
- veterans can own more than one home, in more than one state
- VA loans are assumable, especially to another veteran
You may be eligible for a VA loan in Hawaii if...
- 90 days or more of active duty during wartime or partly during wartime
- 181 days of continuous service during peacetime
- 6 years in Selected Reserves or National Guard
- discharged due to service connected disability - the best deals are available for you!
- widowed spouse of veteran who died during service or of a disability
- spouse of a person MIA or POW
To find out more about your options and requirements, fill out a Request for Certificate of Eligibility and submit it to the VA. I can help you with this and more. Don't let another day go by if you think you might be eligible for one of the best loans out there. You earned it and you deserve it!
If you have questions about the real estate market, about buying or selling a home on Maui, please contact me, a local Maui REALTOR.
call or text me 808 283-0635 ~ EMAIL
Aloha from Maui...
You know your stuff and hopefully it's enough :)
This is certainly important information for all of your clients that can take advantage of VA loans!
Thanks guys!