VA Loan Limit Hawaii
What is a VA Loan Limit in Hawaii? Did you know the VA Loan Limit has increased in 2019 for Hawaii? There is now one VA Loan limit for the State of Hawaii. Hello, and thank you for your service. Being a military spouse, I know the military has its pros and cons but the VA Benefit is one you can’t miss! A VA home loan is a great benefit to our military personnel, either during or after their service.
VA Home Loan
What is a VA home loan? It’s a loan that is guaranteed by the United States Department of Veterans Affairs. A VA guaranteed loan is a loan made by private lenders (such as banks, savings and loans, or mortgage companies) to eligible veterans and service members. It provides great benefits to those of you who qualify. For example, no down payment, no private mortgage insurance, no prepayment penalty, and higher loan value.
VA Loan Limit
For the State of Hawaii, the maximum VA loan limit is $726,525. Anything over $726,525 would be considered a VA Jumbo loan.
Let’s look at this example. A veteran purchases a home for $850,000 in Honolulu with a $726,525 VA loan limit. He would be required to make a 25% down payment on the difference. In this case, a $30,868.75 down payment would be required.
This same formula works for any loan amount. If a veteran exceeds the VA loan limit by $100,000, he or she would make a 25% down payment on that amount. Veterans have access to very good jumbo loan rates and terms. Speak with your lender to find out what their current rates and terms are. If you would like a list of lenders, please let me know.
Other Blogs about VA Benefits
If you are eligible for a Hawaii VA Loan and have questions about buying on Oahu please comment below, email email@example.com or give me a call 808-439-1077. My husband and I have used the VA loan to purchase our home in Hawaii. I have helped many VA buyers, purchase their dream home. I know there is a lot of information out there when purchasing a home. Let me be there to guide you through the process. I’d be honored to help you find a home to purchase in Oahu. I look forward to hearing from you and assisting in your home search. As always, make it a great home buying and selling day!