Veterans – Your buying power in Hawaii has increased!
Veterans United Home Loans Branch Manager Tony Dias has some good news for veterans seeking to finance a home with a VA loan. The Department of Veterans Affairs has increased the VA loan guaranty limit for the city and county of Honolulu from $625,500 to $721,050. For Kauai County and Maui County, the limit has been raised from $625,500 to $713,000 and $657,800, respectively. The limit remains the same for Hawaii County.
“When the original 2014 loan limits were announced in December we got the bad news that limits for a no down payment VA mortgage loan in Hawaii had been lowered to $625,500,” Dias said.
“Due to the high cost of real estate in Hawaii, where the median home price continues to rise, this low loan limit would have made it difficult for veterans to buy homes in most neighborhoods with their no-money-down VA benefit.
“We need to thank the VA for understanding the situation those lower limits put our local veterans in. They listened, understood, and took action very quickly. I am very grateful for that.”
Dias also announced that the Department of Veterans
Affairs Loan Guaranty Service has lifted the restriction on financing the purchase of homes with rainwater catchment systems. This information was released on February 19 by VA Loan
Guaranty to clarify that Hawaii homes relying on rain catchment for their water supply can now qualify for VA financing. “This is another example of the VA continuing to expand opportunities for veterans to purchase a home here in Hawaii. These are all benefits that will help more veterans purchase homes.”
Since 2011 veterans in Hawaii have been unable to take advantage of their VA benefits to purchase homes or refinance existing loans on homes served by rainwater catchment systems, disproportionately affecting veterans on Hawaii Island.
If you want to learn more about your VA home loan benefit, please contact Veterans United Home Loans at 677-5626. You can obtain a schedule of the free monthly VA loan seminars or make an appointment with an experienced VA lender.
“You’ve served our county. Now let us serve you.”
-Aloha, Tony Dias
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 (808) 677-LOAN (5626).
Saturday, March 15 10 am – 12 noon Veterans United Home Loans of Hawaii Educational Center 94-539 Puahi St., Waipio, HI 96797
Tuesday, March 25 6 – 8 pm Veterans United Home Loans of Hawaii Educational Center 94-539 Puahi St., Waipio, HI 96797