Hawaii VA Loans and the Real Estate Process

The following are some of the steps that are followed for the Hawaii VA Loan and Real Estate Process to Owning Your Hawaii Home. There are definitely more than a few steps but you will at least have a guideline to follow for your Hawaii Military Relocation, your Hawaii VA Loan Process and owning your Hawaii Home. Read more here>>>http://actvra.in/dpl

Speak to a Local Hawaii Lender to submit your information and get preapproved for a loan. (if you do not have a loan officer in mind, I can refer you to a few who are well qualified and licensed in the State of Hawaii) While talking to the Loan Officer make sure and let him/her know what kind of monthy mortgage payments you are comfortable with. After getting preapproved for your loan … ….your Realtor® will now know what price range to search for properties for you.

•Let your agent know what specifics and criteria you are interested in for properties. Giving your agent the specifics, location, # bedrooms/ # of baths, sq. ft. interior/land, parking, single family or condo/townhouse will make it easier to fine tune your property search. YOU CAN ALSO GET A HEAD START HERE>> HAWAII HOME SEARCH

Make sure you have all your financial paperwork together to bring wiht you to Hawaii.(You carry on bags should have your bank statements, W-2’s, LES’s and important documents you will need to submit for your loan!) Your loan officer will give you a list of documents you will need. •Certificate of Eligibility can be obtained from the Veterans of Affairs office but our lenders order them online once you start your loan process. If anything is held up we have a VA office centrally located on Oahu for your convenience and it takes just minutes.

Starting your loan process before you arrive so you will have everything at hand when you submit an offer for a property. The loan process is the lengthy and important part of the transaction so it is better to be proactive in your process. Your funding fee can be included with your loan but you will have some closing costs to close with. NOTE: If you are a Disabled Veteran make sure and let your loan officer know as you could be eligible to have the funding fee waived. You arrive on the island of Oahu! After getting rested you are ready to meet your Realtor®!

Appointments were made prior to your arrival and we are ready to search for your new home! When you decide that you would like to put in an offer we will go through the whole 12 page (plus addendum’s) contract and submit it to the sellers agent to present to the seller. •After the offer is accepted the loan process begins. You will meet with your Loan Officer to submit your complete application and submit all documentation needed for your VA Loan process packet. Then it goes to Underwriting to process the initial packet and order the appraisal with their VA approved appraisers.

The Home Inspection is the next step of the process. You definitely will want to have a professional home inspection done. You need to know the condition of the property and request for repairs from the seller if needed. •The Condominium and/or Subdivision Association Documents should be ordered immediately after acceptance of the offer and in the buyer’s hands within 10-14 days after acceptance. This agent will make copies of the Budget, last three Association minutes and the Property Information form (RR105C) and submit it to the lender. They need this for the VA Loan Guidelines and process for your loan. (these documents will show how the Association budgets their money in reserve. % of owner occupants, any pending concerns or litigation going on and so forth.

Provided your loan process goes smoothly you should have a Conditional Loan Commitment Letter within the first three weeks in contract. This is an approval of your loan with Conditions. Maybe you need to submit a couple of more documents or the appraisal is not in yet or the survey and termite inspection are not done yet. These are the types of conditions that will be listed on this letter. •Within two weeks after the Conditional Loan Commitment letter is issued all the conditions should be complete and you will have your final loan approval. You and your Realtor® will attend the signing of escrow and loan documents. Not to worry! I attend all signings with you.

After the signing, the loan officer takes the notarized and signed documents to go through processing and within 2.5 days the Lender should have funded the money for your loan to the escrow company.

When escrow receives all monies then they will take the documents to the Bureau of Conveyances in Honolulu. From that time it takes two business days and it will be recorded. At this time, the home is legally yours. Congratulations! Here are the keys to your new home! It’s not easy moving across the Pacific Ocean let alone to a totally different “world” of people… …. but you can do it with a little effort, motivation and a great Realtor!

 

The following are some of the steps that are followed for the Hawaii VA Loan and Real Estate Process to Owning Your Hawaii Home. There are definitely more than a few steps but you will at least have a guideline to follow for your Hawaii Military Relocation, your Hawaii VA Loan Process and owning your Hawaii Home.
Read more here>>>
http://actvra.in/dpl

  • Speak to a Local Hawaii Lender to submit your information and get preapproved for a loan. (if you do not have a loan officer in mind,  I can refer you to a few who are well qualified and licensed in the State of Hawaii) While talking to the Loan Officer make sure and let him/her know what kind of monthy mortgage payments you are comfortable with.

After getting preapproved for your loan …

….your Realtor® will now know what price range to search for properties for you.

  • Let your agent know what specifics and criteria you are interested in for properties. Giving your agent the specifics, location, # bedrooms/ # of baths, sq. ft. interior/land, parking, single family or condo/townhouse will make it easier to fine tune your property search. YOU CAN ALSO GET A HEAD START HERE>>  HAWAII HOME SEARCH
  • Make sure you have all your financial paperwork together to bring wiht you to Hawaii.(You carry on bags should have your bank statements, W-2’s, LES’s and important documents you will need to submit for your loan!) Your loan officer will give you a list of documents you will need.
  • Certificate of Eligibility can be obtained from the Veterans of Affairs office but our lenders order them online once you start your loan process. If anything is held up we have a VA office centrally located on Oahu for your convenience and it takes just minutes.
  • Starting your loan process before you arrive so you will have everything at hand when you submit an offer for a property. The loan process is the lengthy and important part of the transaction so it is better to be proactive in your process. Your funding fee can be included with your loan but you will have some closing costs to close with. NOTE:  If you are a Disabled Veteran make sure and let your loan officer know as you could be eligible to have the funding fee waived.

You arrive on the island of Oahu!  After getting rested you are ready to meet your Realtor®! 

  • Appointments were made prior to your arrival and we are ready to search for your new home!  When you decide that you would like to put in an offer we will go through the whole 12 page (plus addendum’s) contract and submit it to the sellers agent to present to the seller.
  • After the offer is accepted the loan process begins. You will meet with your Loan Officer to submit your complete application and submit all documentation needed for your VA Loan process packet. Then it goes to Underwriting to process the initial packet and order the appraisal with their VA approved appraisers.
  • The Home Inspection is the next step of the process. You definitely will want to have a professional home inspection done. You need to know the condition of the property and request for repairs from the seller if needed.
  • The Condominium and/or Subdivision Association Documents should be ordered immediately after acceptance of the offer and in the buyer’s hands within 10-14 days after acceptance. This agent will make copies of the Budget, last three Association minutes and the Property Information form (RR105C) and submit it to the lender. They need this for the VA Loan Guidelines and process for your loan.  (these documents will show how the Association budgets their money in reserve. % of owner occupants, any pending concerns or litigation going on and so forth.
  • Provided your loan process goes smoothly you should have a Conditional Loan Commitment Letter within the first three weeks in contract. This is an approval of your loan with Conditions. Maybe you need to submit a couple of more documents or the appraisal is not in yet or the survey and termite inspection are not done yet. These are the types of conditions that will be listed on this letter.
  • Within two weeks after the Conditional  Loan Commitment letter is issued all the conditions should be complete and you will have your final loan approval. You and your Realtor® will attend the  signing of escrow and loan documents. Not to worry! I attend all signings with you.
  • After the signing, the loan officer takes the notarized and signed documents to go through processing and within 2.5 days the Lender should have funded the money for your loan to the escrow company.
  • When escrow receives all monies then they will take the documents to the Bureau of Conveyances in Honolulu. From that time it takes two business days and it will be recorded.  At this time, the home is legally yours.

Congratulations!  Here are the keys to your new home!

It’s not easy moving across the Pacific Ocean let alone to a totally different “world” of people…

…. but you can do it with a little effort, motivation and a great Realtor

Advertisements

Hawaii Military & the VA Loan

Honolulu County IS of the whole island of Oahu in the Hawaiian Islands. With 50+ Hawaii Military Bases and Installations on our island alone, you can guaranty that the VA Guaranteed Loan is the way to go for the Hawaii Military Veteran purchasing their piece of Hawaii and paradise with a place they can call home.

(picture to left is the model of the USS Arizona Memorial depicting the ship under water and the memorial above at Pearl Harbor Hawaii)
Remember, VA Guarantees a percentage of the loan and you still have to go through a Lender that actually does do VA Loans and it is for your OWN PERSONAL USE. (not all banks, credit unions and loan companies do VA Loans). The Veterans Administration Guaranteed Loan is one of just a couple of loan programs that allow the Veteran to finance the funding fee as well as come in with no down payment. (100% financing)
In my experience, the Hawaii Based Military personnel have purchased homes or condos totalling 1/3 of my total sales with their VA loan benefits. I have learned the process very well and you may as well consider me a Seasoned Real Estate Agent for VA Transations and the Hawaii Military Relocation.
I take pride in my relationships with the Military Stationed in Hawaii and pay particular attention to their needs when they Relocate to Hawaii. Military Transfers & Relocations to Hawaii: A Geographical Shock tells my story and travels as a Military Dependent but also that the Hawaii Military Veteran makes up 10% of our population on Oahu & the Active Duty Military Personnel make up about 3.5 % of our population on Oahu.
 
The following guidelines will help you in preparing for your Hawaii Relocation (or even if you already live here and are purchasing a home) and learning about the transaction process using your VA Guaranteed Loan:

  1. Your Realtor® needs to know what price range you qualify for in order to search through the MLS system for properties in your criteria that you provide (i.e. #bedrooms, baths, etc). If you do not know a LOCAL lender Your Realtor® can refer you to a couple who are well qualified and know the State Laws In Hawaii. Local lenders also will be walking along side you step by step as well as being face to face at time of signing loan docs.
  2. When the Loan Officer lets both you and Your Realtor® know what price range you are qualified for the Oahu and Surrounding Neighborhood Search: Relocations Hawaii gives you information on how Your Realtor® will set you up with a detailed web page according to your criteria for property listings.
  3. Get your financial documents together (and make sure you don’t let the movers pack them!) such as LES’s for a whole month prior (you can also get this on MyPay online so not to worry), last two years of W-2’s, last two months bank statements, any documents relating to your VA disability (if you are a disabled vet) and whatever the Loan Officer tells you that you will need.
  4. Your VA Certificate of Eligibility will be ordered by the Loan Officer online once you go through the loan application process and it saves you the trip to Tripler Army Medical Center -VA Office- so, not to worry. VA guarantees approximately 25% of your loan to the lender.
  5. Your Credit (FICO) Score and Income make a difference if you are to be qualified for a VA Loan. Remember, just because you have VA Benefits does not mean you don’t have to have decent or some credit. There is a criteria that the Lenders follow according to VA guidelines. (i.e. if you have NO credit you cannot obtain a loan. Get a gas card and credit card to establish credit. You DO have to show a history of payments). Your debt to loan ratio is also taken into consideration and part of the criteria.
  6. This Realtor® makes showing appointments according to the criteria you have specified. You will know which home to put an offer in on and it’ll be when you walk in a home and you say, “This feels like the right home for me!”
  7. Then the contract is drawn up and this Realtor® explains each contingency throughout the contract while signing. The offer is submitted to the Seller’s Agent and when it is accepted by the seller the Transaction and Loan Process begins!
  8. This Realtor® sends the accepted contract to the Loan Officer and Opens Escrow. All documents and you initial deposit check will be submitted to escrow during the transaction and you will make an appointment immediately to submit all documentation and go through the VA application/signing with the loan officer. From there the loan officer orders the appraisal.
  9. This Realtor® will set a time & date coinciding with your schedule to do your home inspection and will also give you a list of professional home inspectors to choose from. The home inspection will show you if there is anything to be repaired or remedied,
  10. The Condominium and/or Subdivision Association Documents should be ordered immediately after acceptance of the offer and in the buyer’s hands within 10-14 days after acceptance. This agent will make copies of the Budget, last three Association minutes and the Property Information form (RR105C) and submit it to the lender. They need this for the VA Loan Guidelines and process for your loan. (these documents will show how the Association budgets their money in reserve. % of owner occupants, any pending concerns or litigation going on and so forth.
  11. Provided your loan process goes smoothly you should have a Conditional Loan Commitment Letter within the first three weeks in contract. This is an approval of your loan with Conditions. Maybe you need to submit a couple of more documents or the appraisal is not in yet or the survey and termite inspection are not done yet. These are the types of conditions that will be listed on this letter.
  12. Within two weeks after the Conditional Loan Commitment letter is issued all the conditions should be complete for signing documents with escrow and the loan officer. Not to worry! I attend all signings with you. Approximately two to three days after signing the lender will wire all monies to escrow (funding) and when escrow receives all monies they will take the documents to the Bureau of Conveyances to record. One day later the Bureau gives clearance of recording and in turn escrow notifies all parties, and….
At this time, I call you and say, Congratulations! You now own your home!

How Can I Obtain More Information About VA Home Loans?

Call VA at 1-800-827-1000 or contact a local lender or real estate professional. Pamphlets available from VA include: 26-4 VA Guaranteed Loans for Veterans

Honolulu County Hawaii Military Bases & Installations- Oahu Neighborhoods
LIVE on VIDEO: A Hawaii Military Relocation Story Comes to Life
*Across the Ocean to Paradise: Military Relocations Hawaii*
The Art of Hawaii Relocations
The Cost of Living Factor in Considering A Hawaii Relocation
Oahu and Surrounding Neighborhood Search: Relocations Hawaii
Aiea, Pearl City Neighborhoods- Hawaii Military Relocation

~~~~~
It’s not easy moving across the Pacific Ocean and purchasing your Hawaii Home;
let alone to a totally different “world” of people.
But you can do it with a little effort, motivation and a great Realtor®!

If you’re Relocating to Hawaii (regardless if it’s near future or just wanting to be proactive for the future) contact me to get started with your search for Hawaii Homes for Sale.

Celeste “Sally” Cheeseman, RA, e-PRO / Century 21 Liberty Homes, Mililani, Hawaii
© Celeste “Sally” Cheeseman, All rights reserved.

Hawaii Military Relocation | Part II of YOUR Military Move to Hawaii

Hawaii Military Relocation

Part II of YOUR Military Move to Hawaii

In Hawaii Military Relocation YOUR Military Move to Hawaii PART I, I gave you information on the being proactive in YOUR Military Move to Hawaii and Hawaii Military Relocations. You now know that there is quite a bit of difference living on an island out in the middle of the Pacific Ocean and that the environment and culture are mysterious and diverse and that the homes and land sq/ft are definitely smaller than the Continental United States (the ‘mainland’ we call it) so scale down on the household goods!
You also learned that the main Hawaii Military Bases are on the island of Oahu; which is Honolulu County and that you will have to get your pets ready with shots and checkups way before you leave lest they be put in quarantine for a lengthy stay.

Now we have Part II of the Series on YOUR Military Move to Hawaii.

RENTING vs. BUYING your Hawaii Home

Everyone needs a place to live in YOUR Hawaii Relocation to an island paradise. You are still wondering if you’d like to live on base, rent off base or buy a home in Hawaii. Regardless, what you decide you want to be proactive in your search for homes, condos or townhouses or contact your base Community Housing.

Renting a Hawaii Home: You can peruse the listings for rentals on http://www.ahrn.com which is a great place to get the criteria picked out for what you want to spend. Most likely you want to stay in your BAH range and you can check out Honolulu County 2009 BAH for your criteria. Don’t forget to do a budget including your utilities and make sure that if you have a big dog that the complex (if condo/townhouse) allows for or has limitations on the size or kinds of pets. That is one big factor to consider when doing your search. Look for pet friendly buildings and rentals.
Buying a Hawaii Home: You have been Searching for Hawaii Homes and contact me to get more information on how to get started with the real estate transaction process. You have read all about the First-Time Homebuyer Credit Expands and that you will get the regular tax breaks throughout the years you are paying a mortgage and that this year you will be getting an $8,000 tax credit when you file your taxes…..as long as you close on the property BEFORE December 1, 2009. (meaning, Nov. 30 or before!) And just think….that BAH is extra money for housing and yours to invest in your own property.
No matter if you are planning on Renting or Buying a Hawaii Home during your tour of duty here you know that you will not be able to have us hold a rental or a property for sale until you get here. It’s just known that with rentals it’ll be first come, first served. In home buying it’s the same.

In any case, you will need to see the property before making a decision.

So, Searching for Hawaii Homes for sale and searching for rentals on http://www.ahrn.com is the best thing to do right about now to get started. You’ll get an idea on the sq/ft, the neighborhoods and the properties closest to your Hawaii Military Duty Station when you make that Hawaii Military Relocation in the near future. At least you’ll be getting prepared with learning about the different neighborhoods, schools, that will be closer to your duty station and more appealing to your idea of the neighborhood you’d love to reside in.

Honolulu County Mililtary Base Housing: The following links provide you with your Base Community Housing contacts and websites to get more info on getting on the list should you decide you just want to live in base housing.

•Hickam AFB Community Housing http://www.hickamch.com/ and their number is 808-423-4650. Other information on Honolulu County here>> Air Force Communities.

Fort Shafter Housing Office, (808) 275-3800. Report to the housing office within 3 working days of your arrival to have your name placed on a housing list or to be able to get authorization for off-base housing. Be warned that housing lists are sometimes six months or more of waiting. More on TLA here>> NEW ARRIVALS- Housing

•Kaneohe Marine Corp Base- Building 455, at the corner of Lawrence and Pancoast Street. Hours of operation are Monday, Tuesday, Thursday, Friday from 0730-1530, Wednesday from 0730-1400.Toll free: 1-866-224-7942 or 808-257-1257. BASE HOUSING INFO

•Army Hawaii Base Family Housing- Go here for info on>>Our communities
Army Hawaii Community Homes available for Aliamanu & Rim/Red Hill Housing Communities, Fort Shafter Community, Tripler Community, Wheeler AAF Community and Canby, Porter, Hamilton, Sante Fe and Kalakaua Communities on Schofield Barracks.

•Pearl Harbor and Navy Housing- The Navy Aloha Center (Family Housing Office) is located at 4825 Bougainville Drive, Bldg 2652, Honolulu, Hawaii 96818. Call 808-474-1800. You can also apply here>> for a Welcome Aboard Packet

Regardless of where you decide to reside in Honolulu County you have to admit one thing.




What a life to be living and working in paradise!

Hawaii VA Loans & Real Estate Transaction Process

About the Hawaii VA Loan Process- Your Realtor® can refer you to seasoned loan officers who know the Hawaii VA Loan Process. Beware of the loan officer that is advertising as if they are part of the Veterans Administration. They are part of a loan company but NOT part of the Veterans Administration based at Tripler Army Hospital.
Having experienced and straightforward professionals rather than ones who claim to be ‘experts’ or advertise as if they are part of the Veterans Administration is a better choice.

HAWAII VA LOANS | Hawaii Military Relocations |This Realtors® Process

Active Duty or Veterans of the Armed Forces have VA Home Loan benefits for their home purchase that have proven beneficial for when it comes to little or no money down loan program. (provided their credit is satisfactory) VA guarantees the Local Lender that they will reimburse the lender a percentage should the veteran default on their loan. The following brochure What VA Does For the Home Buying Veteran should be very useful guidelines and loads of information.
*Across the Ocean to Paradise: Military Relocations Hawaii* has loads of information for your Military Relocation to Hawaii so you will have pertinent information on what to expect in your relocation to our island paradise.
Currently, I have one VA Loan client in contract and the other one has already been prequalified and coming to Honolulu Hawaii next month specifically to put in an offer during their 5 day house hunting trip so they can return back to the mainland and pack for their Hawaii Relocation in February. VA Loans are abundant here due to our high volume of military personnel and presence on Oahu, Hawaii.
The following steps are what this Real Estate Professional does in order to make your Relocation to Hawaii as smooth as possible concerning your real estate transaction and VA Loan Process.

Speak to a Local Hawaii Lender (if you do not have one I can refer you to a few who are well qualified in the State of Hawaii) to submit your information and get prequalified.

  • While talking to the Loan Officer make sure and let him/her know what you are comfortable with for monthly mortgage payments. After getting prequalified your Realtor® will now know in what price range to search for properties for you.
  • Let your agent know what other criteria you are looking for as far as # bedrooms/ # of baths, sq. ft. interior/land, parking, single family or condo/townhouse. Just remember to go over the *Across the Ocean to Paradise: Military Relocations Hawaii* because this gives pertinent information on what to expect in your Hawaii Relocation.
  • Get all your financial paperwork together so you will have it with you when you arrive.(Do not pack your bank statements, W-2’s, LES’s and important documents you will need to submit for your loan!)
  • If you have a couple of months to spare you may order your Certificate of Eligibility from the Veterans of Affairs office. It is not necessary to do so though, because our lenders order them online once you start your loan process and if anything is held up we have a VA office centrally located on Oahu for your convenience and it takes just minutes.
  • Start your loan process before you get here so you will have everything in place when you submit an offer for a loan. The loan process is the lengthy and of course an important part of the transaction so it is better to be proactive in your process. Your closing costs can be included with your loan so you will have minimal costs to come in with and to close with.
  • Appointments are made and off we go in search of your new home! When you decide that you would like to put in an offer we will go through the whole 12 page (plus addendum’s) contract and submit it to the sellers agent to present to the seller.
  • After the offer is accepted the loan process begins. You will meet with your Loan Officer to submit your complete application and submit all documentation needed for your VA Loan process packet. Then it goes to Underwriting to process the initial packet and order the appraisal with their VA approved appraisers.
  • The Condominium and/or Subdivision Association Documents should be ordered immediately after acceptance of the offer and in the buyer’s hands within 10-14 days after acceptance. This agent will make copies of the Budget, last three Association minutes and the Property Information form (RR105C) and submit it to the lender. They need this for the VA Loan Guidelines and process for your loan. (these documents will show how the Association budgets their money in reserve. % of owner occupants, any pending concerns or litigation going on and so forth.
  • Provided your loan process goes smoothly you should have a Conditional Loan Commitment Letter within the first three weeks in contract. This is an approval of your loan with Conditions. Maybe you need to submit a couple of more documents or the appraisal is not in yet or the survey and termite inspection are not done yet. These are the types of conditions that will be listed on this letter.
  • Within two weeks after the Conditional Loan Commitment letter is issued all the conditions should be complete for signing documents with escrow and the loan officer. Not to worry! I attend all signings with you.
  • In Hawaii, we do not sign at the same time as the Seller due to conflict of interest and we sign approximately four days before recording. After the signing, the loan officer takes the notarized and signed documents to go through processing and within 2.5 days the Lender should have funded the money for your loan to the escrow company. When escrow receives all monies then they will take the documents to the Bureau of Conveyances in Honolulu to record. By the next business day it will record and we usually get word between 8-10am. At that time, the home is legally yours and I will have already made arrangements and have your keys in hand to open the doors to your new home.
    Congratulations!
    It’s not easy moving across the Pacific Ocean let alone to a totally different “world” of people but you can do it with effort, motivation and a great Realtor®!
    Call me for a Relocation Packet and more info!
    Celeste “Sally” Cheeseman, Realtor Associate ®
    Century 21 Liberty Homes
    95-221 Kipapa Drive, Mililani, HI * (808) 375-1404
    http://www.hawaiihomesmarket.com/
    http://woohoosally.blogspot.com/

     

    Mililani Real Estate | Mililani Condo Market Report YTD

    Mililani Condo Statistics for YTD 2009: There are 93 Active condos/townhouses on the market, 45 in contract and 130 sold for the period January to June of 2009. Looks like our Mililani Condo/Townhouse market is picking up with more units condos and accepted contracts. Sales Prices ranged from $160,000 (1 bedroom condo) to $495,00 (2 bdrm luxury townhouse).