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

Hawaii Military Relocation | Online Relocation Package

So….you are Relocating to Hawaii with the Military and…you are going to be stationed at Schofield Barracks Army Installation or Wheeler Army Air Field. (adjacent right next to each other in Central Oahu) Wheeler used to be an Air Force base and was returned to the Army on November 1, 1991. History shows that the soldiers from Schofield started clearing way for an aircraft strip back in February of 1922 and named in November of 1922 honoring Major Sheldon H. Wheeler who died on July 13, 1921 when his aircraft crashed during a demonstration. Wheeler Air Field became a separate base on August 31, 1939.

Wheeler AAF and Schofield Barracks are adjacent to each other on Kunia Road although Wheeler has other DOD Defense activities going on including: Defense Communications Agency, the Air Force’s 6010th Aerospace Defense Group, the Hawaii Army National Guard’s Aviation Support Facility, and the 25th Infantry Division (Light) Aviation Brigade.

Your Military Relocation to Hawaii and Purchasing Your New Home. The following information is basic but pertinent information to go over before you even pack for your transfer and before considering purchasing your Honolulu County (Oahu) home. Moving across the Pacific Ocean to a totally different and diverse cultural ethnic may be of a shock and you may want to brush up on a few tips to make your transition a smooth one.

The Military Presence on Oahu, Land Use and other Zoning Laws It is without a doubt that our Hawaiian Islands have little buildable land so it is detrimental to keep all of our zoning and land use laws intact. The Active Duty Military has 3.5% of a population and 10% total with Veterans as well. The majority of our land is Preservation and Conservation land and the following will give you insight

Neighborhoods in Honolulu County and Market Report too! An insight into the different neighborhoods and what they have to offer. You will also get current market statistics in each community for which I wrote for that period.

Honolulu County (Oahu) Weather and Traffic – It is a given that with an island so small and a population of almost one million that we do have peak traffic hours as in any other part of the country. For a look at Oahu’s traffic click on the following TRAFFIC CAM to view during peak hours.

Things to Do, History & Places to See – A three part series for a brief, condensed Points of Interest series to learn a little about our island and our so diverse and full of different cultures and ways of life.

Condo or Townhouse Living: Rules to Follow and Steps to Protect: If you are contemplating downsizing then condo / townhouse living may be an option. With maintenance fees for most associations taking care of the bulk of your homeowner’s insurance (common elements), and repairs to the outside, roof, grounds and water/trash and sewere this may just be an option.

History of schools and links to Hawaii’s Education System A brief look at the history of Hawaii and its school system as well as researching schools and neighborhoods suitable for your family and their Relocation to Hawaii.

Bottom line is this.

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®!