Hawaii VA Loans
Real estate in Hawaii is very expensive. It is such a beautiful state that it is a dream for many people to live there year-round, which drives up the sale of price of Hawaiian houses. Because the prices are so high and loans are harder to come by these days, buying homes in Hawaii is out of reach for many Americans. For veterans however, this is not the case. The VA Loan guaranty program has helped many military members and veterans purchase homes on the Hawaiian Islands by offering affordable, simple loans.
VA Loan vs. Conventional Loan
A VA Loan has many advantages over a conventional loan. For starters, you can get a big, expensive house with absolutely no money down. With a conventional loan you could end up paying 20% for the down payment which can get very expensive. With a VA Loan you also have lower monthly payments because you aren’t required to pay private mortgage insurance. The interest rates will also be more in your favor – you might even be able to negotiate a rate that is below the current mortgage market rate.
How to Qualify
In order to obtain a VA Loan you must first establish your eligibility. This can be done by submitting an eligibility form online through the VA’s website. Once you have your Certificate of Eligibility (COE) you are free to go house hunting and loan shopping. Keep in mind that the COE does not automatically guarantee you will be approved for a loan. You will still need to provide the necessary financial documents to your lender in order to be approved.
Right now is a great time to buy a house in Hawaii with a VA Loan. Whether you are looking to move off base, retire to Hawaii or upgrade to a bigger family house, a VA Loan will make the process more affordable for you. Plus, the VA will be there to help you every step of the way.
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