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Veterans! Planning to finance a home? Act now.

homes062914-2Tony Dias
Branch Manager
Veterans United Home Loans of Hawaii
USMC Veteran
NMLS #222836

Loan limits downgrade possible at year’s end.

Since we began offering our seminars on VA Loan benefits on Oahu and Neighbor Islands, there has been a dramatic increase in the number of veterans using VA financing to buy and refinance homes.

Once our veterans learned the facts about the best mortgage financing available, they took advantage of it to become successful homebuyers. Approximately 800 of our Veterans United clients have been able to claim the “piece of paradise” they earned through their service.

Last month, VA announced that it has guaranteed 21 million home loans since the home loan guaranty program was established in 1944.

Currently, we have loan limits in Hawaii that are favorable to our veterans…$721,050 in Honolulu County, $713,000 in Kauai, $657,800 in Maui County, and $625,500 on the Big Island. VA amended its 2014 County loan limits last February, and several counties had significant increases. Based on the way the current law is written, 70 counties nationwide now have limits above $625,500, maxing out at $1,094,625.

However, there are indications that the limits could be rolled back by the end of the year and revert to a maximum of $625,500 nationwide.

In Hawaii, with some of the highest real estate prices in the nation, lowering the limits for VA purchase loans could have a seriously negative impact on the buying power of our veterans.

Nationally, Veterans United is working with the VA, Congress, and the White House to advocate for an extension of the existing loan limits. But we can’t be sure at this time of a favorable outcome.

If you are hoping to finance a home with your VA benefit in the near future, we urge you to contact us as soon as possible to discuss the impact that a change in VA loan limits might have on your ability to qualify for a mortgage. With less than two months to go before the end of the year, you could receive approval for your VA loan at the current rates before any changes go into effect.

Otherwise let’s demand a solution. We need all supporters of our military and veterans to contact there Senators and Congressional representatives to help stop this downgrade from taking place. Remember, this issue is a legislative one and VA cannot address it without an act of Congress.

We the people need to speak up. Let’s serve those who have served us by letting our voices be heard.

Upcoming VA Loan Seminars

Veterans United seminars include Powerpoint presentations & free workbooks. Question and answer periods follow the presentations. For more information and directions, call 677-LOAN (5626).

Saturday, November 15
10 am Noon Veterans United Home Loans of Hawaii Educational Center
94-539 Puahi St., 2nd Floor

Waipio, HI 96797

Tuesday, November 25
6 8 pm Veterans United Home Loans of Hawaii Educational Center
94-539 Puahi St., 2nd Floor

Waipio, HI 96797

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