VA Loans Hawaii

Hawaii VA Loans Purchase & Refinance

If you’re a servicemember being transferred to Hawaii, your first thought is probably something like ‘where are we going to live in paradise?’ Every year, visitors flock to Hawaii’s beaches for the opportunity to experience paradise and servicemembers stationed there get to experience this day after day. If you’re moving to Hawaii or you’re a Hawaii resident returning to your home state, Capital Bank, N.A. can help you secure Hawaii VA loan. If you already own a home in in this state, a Hawaii VA home loan can be refinanced with Capital Bank, N.A. , reducing monthly payments and even enabling Veterans to pay off their homes more quickly.

The application process for new VA loans Hawaii is easy! Start with our simple online application form, and if you have questions about what documentation is needed or about any step in the application process, we can be reached by phone at (866) 216-3577 or by email at info@valoansfinance.com . Our VA loan Hawaii professionals are standing by, ready to help you understand your benefits and apply for a Hawaii VA home loan!

With a VA loan Hawaii, we may be able to help you purchase a home up to $424,100 in most areas, although some areas in Hawaii do have higher limits: Island of Hawaii ($625,500), Honolulu ($750,000), Kalawao ($625,500), Kauai ($625,500) and Maui ($625,500)*.

Follow Our Easy Three Step Process to Get Started:

  1. Request your VA COE (Certificate of Eligibility) or let Capital Bank, N.A. obtain it on your behalf.

  2. Use our home search to find your Hawaiian dream home.

  3. Complete the VA loan application and get pre-qualified in minutes for a VA loan or VA mortgage refinancing.

Qualifying for a Hawaii VA Loan Is Easy!

Our VA mortgage eligibility page is a great place for potential home buyers to start to see if they qualify for a Hawaii VA home loan. However, if you have questions regarding a unique situation or need help tracking down documentation, our loan professionals can help answer anything. If you’re ready to take the next step toward your dream home in paradise, apply online now for VA home loans Hawaii or refinancing for VA loans Hawaii.

Use Your Military Benefits to Secure a Hawaii VA Loan or VA Loan Refinance

A VA mortgage is a fantastic military benefit and reserved exclusively for Veterans. VA loan Hawaii and VA Loan refinancing from Capital Bank, N.A. are backed by the federal government and allow Veterans to purchase a home with NO money down. Veterans also have access to low interest rates, and do not have to pay monthly PMI payments on VA mortgages. Apply now for your Hawaii Veteran loan and start planning your move to paradise!

Current homeowners can benefit too! Apply for VA loans Hawaii refinancing and lower your monthly mortgage payment. Choose from streamline refinancing or cash-out refinancing and immediately decrease your mortgage payments or get access to needed cash.

To qualify for VA loans Hawaii, you must meet one of these eligibility requirements:

  • Active duty service for 90 days or more during wartime

  • Active duty service for 180 days or more during peacetime

  • Honorable discharge from your service branch

  • You are on active duty

  • Being the surviving spouse of a Veteran who died in service or as a result of a service-related injury, providing that you have not remarried.

The Housing Market in Hawaii

Houses in Hawaii are priced higher than homes in other parts of the country. Because of this, VA loans Hawaii have limits that are higher than the national loan limit of $424,100*. Areas with higher limits on Hawaii VA home loans include:

  • Hawaii: $625,500
  • Honolulu: $750,000
  • Kalawao: $625,500
  • Kauai: $625,500
  • Maui: $625,500

Homes in areas such as Lahaina and Kailua Kona sell between $1.8 and $2.5 million; however, these prices have been depreciating within the last few months. Home prices are up in Pahoa, Waianae and Kapolei and an average home in Pahoa is currently selling for an affordable $275,525.

  • Median value of owner-occupied housing units: $272,700

  • Median price asked for housing units: $211,400

Why Veterans Love Hawaii

  • Honolulu has been named as one of the top 50 military friendly cities by militaryfriendly.com. The city receives this honor because of its low unemployment rate and military-friendly employers. Some of these employers include L-3 Communications, Lockheed Martin and CACI International.
  • Local BAH rates are higher in Hawaii to account for the higher cost of housing. An E5 with dependents will receive $2256 a month, while an E5 without dependents will receive $1953. BAH payments are not designed to cover the entire monthly payment for Hawaii VA home loans, but should offset housing costs considerably.
  • Naval Station Pearl Harbor is probably the most famous military installation in the world. The attack on Pearl Harbor by the Japanese is what propelled the United States into WWII and thousands of tourists visit the landmark each year. In 2010, NS Pearl Harbor merged with Hickam Air Force Base to create Joint Base Pearl Harbor-Hickham.

Hawaii Facts

  • The average salary for an employee in Hawaii is $50,000 a year. Major employers on the islands include the Bank of Hawaii, Battleship Missouri Memorial and Blue Cross & Blue Shield of Hawaii.

  • Tourism accounts for a major part of Hawaii’s economy. More than seven million people visit Hawaii each year, injecting over $10 billion into the economy each year.

  • Hawaii consists of eight different islands and over 1.3 million people call these islands home. The capital of Honolulu has nearly 100,000 people who live in the metropolitan area. Find out more about our great rates on Honolulu VA Loans!

To learn more about how your debt to income ratio and credit score affect your interest rate on Hawaii VA loans, call us at (866) 216-3577, email us at info@valoansfinance.com or send us a message via our online Contact Form. We can help you navigate the VA home finance application process, help you understand how refinancing can save you money, and make sure that your Hawaii VA home loan close without a hitch!

*VA Loan Limits are accurate as of 01-01-17. Source: VA.gov, 2013 VA County Loan Limits

Information relating to income and housing prices was sourced in 2013.  It may or may not have changed over time for your state and city.  Please reference your local census data for more accurate information.