The VA Loan Process
There shouldn’t be any mystery around buying a home. Let me show you how easy it is to use the VA home mortgage in Hawaii.
Step-by-step guide to getting a VA home loan
For eligible Hawaii home buyers, the VA loan can be the most affordable mortgage choice when purchasing a home. If you’re a military veteran or active duty service member looking to purchase a home on Oahu or the surrounding islands, you may qualify for a Hawaii VA home mortgage. These loans are mortgages that are backed by the government and offer several benefits such as no down payment and no private mortgage insurance (PMI). In addition, VA home loan programs can offer considerably lower mortgage rates when to compared to the interest rates of traditional home loans. Furthermore, home loans through a VA-approved lender give potential homebuyers increased flexibility in regard to the VA mortgage guidelines.
Still wondering, “how do I apply for a VA home loan in Hawaii?” The process of getting a VA loan in Hawaii is similar to the process in other states, but there are a few key things to keep in mind. Below is an overview of what steps you’ll need to take to qualify for a VA home loan in Hawaii.
Select a VA-approved Lender.
The initial step in starting the VA loan process is to find a VA-approved lender. Not all lenders offer VA loans, so it’s important to make sure you’re working with one that does. You can search for approved lenders on the Department of Veterans Affairs website or by speaking with your Hawaii mortgage broker.
Following the selection of a VA-approved mortgage lender, applicants will need to get a Certificate of Eligibility (COE). The COE is a document that proves you are eligible for a VA home loan on Oahu or the surrounding islands. For more information on how to get a Certificate of Eligibility to qualify for a VA home loan visit the COE learning page.
Pre-qualify for your VA Loan (optional)
Although an optional step, there are many benefits to pre-qualifying for your loan amount. You can save time and potential surprises later in the process by choosing this step, which will allow you to complete a candid conversation about income with a VA loan officer while they provide information on what’s been taken into account during underwriting (such as credit history). The resulting estimate gives an idea of how much houses might cost but does not guarantee approval–it depends entirely upon them to verify all aspects before signing anything.
Finding the Home and Signing a Purchase Agreement.
In the fourth step, you’ll be able to look at homes that might interest you. Working with a real estate professional who specializes in VA loans can help get more out of your benefits and make sure everything goes smoothly from start to finish – which means no headaches or surprises. This is because when using these programs there are certain fees allowed for both parties’ agreement. Since real estate agents understand these costs they’ll be prepared to negotiate seller-paid closing costs as part of the purchase agreement.
Application Processing and VA Appraisal.
Next, you’ll need to complete a loan application and submit the required documentation. This includes things like your COE, proof of income, and bank statements. In addition, your lender will need to complete an appraisal that will determine the value of the property you’re looking to purchase. The appraised value must be equal to or greater than the purchase price in order for the loan to be approved.
Close on your VA Home Loan
Once all of the above steps have been completed, you’ll be ready to close on your VA home loan in Hawaii. This process is similar to closing on any other type of mortgage loan. You’ll sign all of the necessary paperwork and then your loan will be funded.
Select a VA-approved Lender.
The initial step in starting the VA loan process is to find a VA-approved lender. Not all lenders offer VA loans, so it’s important to make sure you’re working with one that does. You can search for approved lenders on the Department of Veterans Affairs website or by speaking with your Hawaii mortgage broker.
Following the selection of a VA-approved mortgage lender, applicants will need to get a Certificate of Eligibility (COE). The COE is a document that proves you are eligible for a VA home loan on Oahu or the surrounding islands. For more information on how to get a Certificate of Eligibility to qualify for a VA home loan visit the COE learning page.
Pre-qualify for your VA Loan (optional)
Although an optional step, there are many benefits to pre-qualifying for your loan amount. You can save time and potential surprises later in the process by choosing this step, which will allow you to complete a candid conversation about income with a VA loan officer while they provide information on what’s been taken into account during underwriting (such as credit history). The resulting estimate gives an idea of how much houses might cost but does not guarantee approval–it depends entirely upon them to verify all aspects before signing anything.
Finding the Home and Signing a Purchase Agreement.
In the fourth step, you’ll be able to look at homes that might interest you. Working with a real estate professional who specializes in VA loans can help get more out of your benefits and make sure everything goes smoothly from start to finish – which means no headaches or surprises. This is because when using these programs there are certain fees allowed for both parties’ agreement. Since real estate agents understand these costs they’ll be prepared to negotiate seller-paid closing costs as part of the purchase agreement.
Application Processing and VA Appraisal
Next, you’ll need to complete a loan application and submit the required documentation. This includes things like your COE, proof of income, and bank statements. In addition, your lender will need to complete an appraisal that will determine the value of the property you’re looking to purchase. The appraised value must be equal to or greater than the purchase price in order for the loan to be approved.
Close on your VA Home Loan
Once all of the above steps have been completed, you’ll be ready to close on your VA home loan in Hawaii. This process is similar to closing on any other type of mortgage loan. You’ll sign all of the necessary paperwork and then your loan will be funded.
Start the VA Loan Application Process Today
If you’re ready to apply for a VA loan, your local Hawaii VA mortgage broker, Elias Halvorson can help you through the entire process and make sure you get the best possible Hawaii home loan for your needs. As a licensed VA loan officer, NMLS 1697041, Elias has the training and knowledge to answer questions pertaining to the VA home loan process that homebuyers may have along the way. Although this process may seem daunting to many, working with Oahu’s best VA loan officer can make finding and financing your dream home in Hawaii a much easier and more enjoyable experience. Call today to schedule a consultation.
