There are many Veteran’s out there, including myself that are
not aware of the full value of the VA Home Loans Benefit and how it can be used to buy Maui property with 100% financing and
low interest rates. I recently attended a seminar presented by Tony Dias of Veteran’s United Home Loans of Hawaii to get an update on the
latest details on VA Home loans and the outstanding programs available for Veterans buying maui real estate.
The VA Home Loans Maui Benefit limit is $657,800 for 100% financing. Who is eligible for a VA loan? Veteran’s or active duty military personal who have served or are serving in the Army, Navy, Air Force, Marine Corps, and Coast Guard and who have served 90 Days in wartime or 181 Days in peacetime and received an other than dishonorable discharge. For Reserves or National Guard members they are eligible if they have served for 6 years, including active duty personal who meet the criteria.
Who can be on loan together? A veteran, veteran and spouse, veteran and veteran, an un-remarried widow of a veteran, or Active Duty personnel serving at least 90 continuous days can get a loan together. Both incomes can be used to qualify for the loan. For states that allow marriages between same sex couples, they are also eligible to get a VA loan together in that state.
What are the benefits for VA eligible buyers? 100% financing to purchase a property up to $657,800 in Maui County. VA jumbo loans above $657,000 and up to $1.5 Million are available with the veteran paying just 25% of the difference above the County loan limit as down payment up to $1.5 million. For example, a veteran getting a $1.5 Million dollar loan would have to put down $210,750. There are no mortgage insurance premiums for 100% financing like there are in conventional loans which require mortgage insurance with loans at 80% or higher % of the purchase price. The veteran and spouse can finance the closing costs. Alternatively, the veteran can receive a gift or a grant to cover closing costs or closing costs can be paid by the seller (but not required). A one time funding fee can also be financed into the loan. Veteran’s can use their benefit for a refinance or cash out refinance. Veteran’s can add up to $6000 to the loan amount for energy efficient upgrades for either a purchase or refinance. Veteran’s who have a qualified disability are exempt from the VA funding fee.
Are you a veteran or an un-remarried spouse of a veteran looking to buy Maui real estate? VA home loans Maui guidelines are in place to assist veteran’s who have served our country with home ownership. Lower credit scores can be ok with as low as 620. Veteran’s have an opportunity to buy Maui real estate with little or no money down and can finance their closing costs. The VA Home Loan Benefit is an outstanding program for Veteran’s. From one veteran to another I can assist you in buying Maui real estate. Give me a call or drop me a line to request my assistance.
