The Hawai’i Loan Resource Center
Your guide to loans and the VA Loan Process in the Aloha State.
Are you a active-duty service member who has been selected to PCS to Hawaii?
So you’ve been selected to PCS here to Oahu, or are simply moving and choosing to utilize your VA home loan benefit. Congratulations! Now you will need to get pre-approved. The first step is to pull your COE to confirm you have VA home loan eligibility. If you do not know how to pull your COE please contact us and we will be glad to provide you instructions (Hyperlink of how to pull your COE article) or pull your COE for you. Keep in mind, it is usually faster when a veteran pulls their COE than when a bank pulls it.
After you have confirmed your VA home loan eligibility the next step is to get pre-approved (insert hyperlink on pre-approval process). You will need to submit a loan application which can be done online (hyperlink to application), over the phone, or in person. After finishing your application and submitting the requisite substantiating documents (pre-approval list link), if you meet the minimum credit requirements your loan officer will issue you a pre-approval letter for your VA home loan. Remember, although lenders will give a $$ amount you are pre-approved for, a more accurate picture is the monthly payment you can afford. An $800,000 townhome or condo will have higher payments than an $800,000 house. Association dues can significantly raise monthly payments and usually reduces a borrower’s purchasing power. You may be pre-approved for an $800,000 home, but only be able to afford a $650,000 Condo.
Once you are pre-approved, if you have not already found a real estate agent, you will need to select a real estate professional. I try to, “keep it in the family” and work with realtors who are either veterans or have strong connections to the military (hyperlink of real estate agents). I have worked with these folks and can attest to their professionalism and dedication to service. You are free to choose whomever you’d like to work with. You are the boss throughout this process, always remember this!
After your pre-approval, your lender will step back and it will be you and your real estate professional finding a new home. Your lender will provide pre-approvals for properties you put offers in on, and when one is accepted, you are now under contract! This is when a VA loan specialist takes over and works with you to provide updated/substantiated information in order to receive a final loan approval from the bank. Once you receive final loan approval, you will likely sign papers and close on your home within a week. From your accepted offer to moving in typically takes around 30-45 days you here in Hawaii.