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VA Loans

The advantages to using a VA loan to purchase your Hawaii home

Rent in Hawaii can be quite costly. If you're a military service member stationed on Oahu and you want to escape the rental trap, you should understand all the advantages VA loans.

Active duty service members, veterans, reservists and National Guard members are eligible. You can still use your VA benefit even if you have another home elsewhere with a VA loan.

Why is a VA Loan Better?

  • No down payment is required to obtain a VA loan of up to $721,050. You could buy a house worth more than that and still use a VA Loan, as long as you put down 25% of the difference, up to $1.5M.
  • No mortgage insurance! With most loans, putting almost no money down would mean that you would need to pay mortgage insurance (PMI) on top of your monthly mortgage payment.
  • Competitive fixed and adjustable rates, that are usually below a conventional loan rate.
  • No early loan repayment penalties. You can also roll all of the costs of buying into your loan.

Are There Limitations?

  1. You must be an owner-occupant and the home must be your primary residence
  2. No leasehold properties or vacant land purchases are allowed.

Honolulu is a fast-moving, high-rent and highly competitive real estate market with solid appreciation. Finding you the perfect home is the hard part, qualifying for the loan is easy. Talk to a Locations military specialist to find the best lender for your VA Loan.