HAWAII VA LOANS | HAWAII REAL ESTATE -What's the FACTS!

WooHoo! You have orders to your next duty station and it's all you've ever dreamed of.....going to that tropical paradise you saw on TV shows and the movies. It's a HAWAII PCS and RELOCATION for you and your family!

It's a magical mystical wonderland with fairies in the woods watching over you and fluttering from each exotic flower to the next. You can live on the beach in a grass shack and drink those Blue Hawaii drinks with the little umbrella in it in the evening while watching the sun set. The hula girls will automatically pop out of nowhere and start doing the hula dance on the beach while in the near distance the surfers are catching their last waves of the day.

ZAP! You awaken to the true reality of it all. You're being proactive in your search for a Hawaii Home or Condo and you don't know where to start. You know it's going to be hard looking for just that right Hawaii Real Estate Agent and Hawaii Loan Officer so just be aware of some myths and facts regarding your Hawaii Home Buying Process.

Myth: The first Hawaii Realtor® you come across while searching the internet is your ‘lucky' pick ...therefore, that one just has to be the one who is going to fulfill all your needs. You fairy tale come true!
Fact: Search the internet for Real Estate Agents that not only have a strong internet presence, but have articles and information that know what they're talking about. Contact and interview a couple of the agents so you know if you will be comfortable with them and if they really know what they're talking about.
Myth: You search for information on Hawaii VA Loans and it appears that all the websites you come across are loan officers who are seemingly working with the Veterans Administration. GONG!
Fact: A VA Loan means that the Veterans Administration guarantees the lender a % should the vet default on their loan. They are not working in the VA Office. Make sure your loan officer is a seasoned loan officer who KNOWS the Hawaii Real Estate Laws and the Hawaii Real Estate Contract as well as their VA Guidelines for your loan.
Myth: If the company has other ‘affiliated' entities (i.e. if it's a real estate company and they use a loan company that is based right in their office...or vice versa) in their office they must be good because they do it ALL. NOT!
Fact: It's a conflict of interest to have real estate, loan company and escrow company that are all in the same office. The buyer is ENTITLED to have a separate entity for all and should not be pressured to use their affiliates. It's like having a loan officer /real estate agent (wears both hats) represent both sides in a transaction. How are they thinking in your best interests?????

It is in your best interests to know who you're working with and get the correct information before you start with your Hawaii VA Loan Process and Buying Your Hawaii Home or Hawaii Condo. There are many things to be aware of before jumping right in. Choosing the RIGHT Realtor® & Hawaii VA Loan Officer, & Hawaii Military Relocation Information may enlighten you just a bit more. Just know that being proactive WAY AHEAD of your scheduled Hawaii PCS will ensure you getting educated and finding the perfect fit for your Hawaii Home Buying with your HAWAII VA Loan Experience.

Note:
The 2010 Honolulu County VA Loan Limit is $700,000. Using the table for your Honolulu County BAH Rates and my Hawaii Home Mortgage Calculator you can let the loan officer know what your budget is for a monthly mortgage. Just because you have great credit and qualify for x amount does not mean you want to afford those monthly payments.
For more information click on the following link to the VA site with their brochure>>>> What VA Does For the Home Buying Veteran
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Want the whole scoop about Hawaii Real Estate & Hawaii Military Relocations?

Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii & serving all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents with the understanding that a listening ear is the key to understanding client's needs.

Hawaii Relocations - Choosing the RIGHT Realtor® & Loan Officer

First of all there are plenty of Realtors® in Honolulu County to choose from. Hmm, last I looked there were about 6,000 on this island alone. So how do you choose a Realtor® who is knowledgeable in Military Relocations & Real Estate and VA Loan/Transaction process?

There are plenty of Loan Officers in Honolulu County as well. Hmm, not sure about the numbers there but I can bet you half are gone since the closing of many loan companies. So, how do you choose a loan officer who is knowledgeable in Military Relocations & experienced in Hawaii Real Estate Contracts, the VA loan process and knows Hawaii Real Estate laws too?

Trick questions? I think not.

Just know that everyone is claiming to be a "VA expert", "Military Relocation Specialist", "Multi Million Dollar Producer" and claims to be an expert in just about anything when it comes to Hawaii Real Estate. Just know one thing -experience in Real Estate first. The caring and understanding and knowing what it's like to Relocate is another. Personality plays a big part in your connection with both Realtor® and Loan Officer.
Just because they advertise so doesn't make it so. Remember that.

I have written many articles on the VA Transaction Process "through THIS Realtor Associate's® eyes"and I yes I do claim to be an expert as well. What I'm trying to get across here are there are certain criteria to look for when looking for that special Realtor® or Local Lender that you will choose to purchase that special home for you and your family once you Relocate to Hawaii.

To start with:

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  If the Realtor® or Loan Officer is promising the world and it sounds too good to be true...it probably is. Question it and get a second opinion.
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  If that Realtor® is not showing you property that is in your criteria then you know something is wrong. You usually can pick up on that sort of stuff while looking online and inquiring with different Realtors® (i.e you are qualified for 350k and they're showing you up to 600k)
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  If that Realtor® or Loan Officer is playing any other role besides their title (i.e. Loan Officer telling the client what to put in the purchase contract and a Realtor® promising an interest rate that is absurd) then you know it's time to get a second opinion.
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  If that Realtor® or Loan Officer continuously brags about 'self' and doesn't bother to listen to your needs, then it's time to move on and interview someone else. You need someone who will listen and give you sound advice. Not someone who keeps talking about themselves.
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  If that Realtor® or Loan Officer is not thinking in your best interests and is continuously pushy even though you've told them you're working with someone else; then you know this person is only thinking of one thing. That paycheck.
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  If that Realtor® or Loan Officer is trying to sway you to a different loan program besides the VA Guaranteed Loan program question why and get a second opinion. For the military vet there is no question that a VA loan is literally the best 100% financing program there is for the Military Relocating to Hawaii who are serious about Hawaii Home Buying.
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  If a Realtor® or Loan Officer is bad mouthing another peer for no reason...just know that there is most likely an ulterior motive to that scenario and you're not looking to judge their peer but buy a home!

Okay, so we all are out to work and make a living, but there is certainly a difference between making a living and walking all over someone just to make that living. If it's one thing most people have is common sense and they can 'feel' when someone is just talking a good game or being real and genuine in their quest to help you acquire that American Dream of home ownership.

If you're not sure, then keep asking and inquiring until you feel comfortable with your choice for a Realtor® and your loan officer. Remember, this is most likely the most important decision you're making in your lifetime (besides asking her to marry you :) so be sure you're in the right hands.

For more information on the VA Loan Transaction Process, being proactive for your relocation and the Hawaii Housing Market:

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  Good News! October Statistics for Oahu's Housing Market! These statistics will give you an idea of how our market has gone a little down and a little back up again. It's more of a little bit of negotiating market but not much if it's prices right.
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  This Realtors® Perspective: Hawaii Military & the VA Loan These 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
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  VA Loans & Hawaii Military Relocations: This Realtors® Process Know the process for your VA benefits and the VA loan process.
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  *Across the Ocean to Paradise: Military Relocations Hawaii* Don't be shocked when you arrive...get the scoop on the environment, jobs, house hunting, BAH current rates and more!
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  The Art of Hawaii Relocations Expect smaller, different and of course paradise.
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  A Honolulu Hawaii Relocation: Getting Ready With Your "To Do" List In order to have a smooth transition in your Honolulu Hawaii Move, Hawaii Job Transfer & Move or your Honolulu Hawaii Military Relocation you NEED to be proactive!
  One thing is for certain: From start to finish your transaction, loan and escrow process should be a smooth process for you! All who are involved will be working together as a team so when you receive those keys it's a happy time.....moving in to your happy home.

Hawaii VA Loans | This Realtors® Process for Hawaii Military Relocations

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 enclosed brochure should be very useful guidelines and loads of information.
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!)
• 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 addendums) 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 work 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!