Areas We Serve
To help veterans throughout Hawaii take advantage of the benefits of VA loans, we strive to serve the greatest number of borrowers possible, including:
- Pearl City
- Mililani Town
If you are unsure of whether Griffin Funding can assist you with a Hawaii VA loan, speak with one of our specialists to find out if we lend in your area.
How Do VA Loans Work in Hawaii?
In general, VA loans in Hawaii work similarly to those in other states. Securing a VA home loan in Hawaii typically follows this five-step process:
- Acquire a Certificate of Eligibility (COE)
- A loan officer will evaluate your eligibility for a VA loan and provide you with a quote.
- Your application will be submitted and disclosures will be signed.
- A VA appraisal and pest inspection will need to be performed at the property.
- Loan documents are reviewed, notarized, and finalized.
At Griffin Funding we strive to provide our clients with five-star service, which is why we make this process as streamlined as possible and typically complete everything within 30 days or less.
While the general process is the same, there are unique considerations for purchasing a home in Hawaii, whether that’s with a VA loan or traditional home loan. These considerations include:
Special Considerations for Purchasing a Home in Hawaii
- Land ownership laws
- Lava zones
- Hawaii’s status as a “good funds state”
Learn more about the requirements for Hawaii mortgages to fully understand how these factors can affect the VA loan process.
What Are the VA Loan Limits in Hawaii?
It’s important to note that the VA does not set a limit on the amount you can borrow, rather, the limit is set on the amount you can qualify for without a down payment. Hawaii VA loan limits are based on the county you are looking to purchase a home in. Using the 2020 loan limits list, you can see the county loan limits for Hawaii.
Another factor that impacts your loan limit is the status of your entitlement. If you still have your full loan entitlement intact, there are no loan limits. However, if you have previously defaulted on a VA loan or have used part of your loan entitlement and haven’t restored it yet, you will be subject to current loan limits.
For more clarity on Hawaii VA loan limits, and specifically how they apply to you, one of our loan officers can review your circumstances.
What Are the VA Loan Rates in Hawaii?
Hawaii VA loan rates are based on several factors:
- The current market
- The lender (we offer competitive rates on all our home loans)
- Your credit score (we accept FICO scores as low as 580 for VA loans)
- They type of VA loan you’re applying for (purchase or refinance)
- The duration of your VA loan
Your interest rate will vary based on your financial situation and when you decide to apply for a VA home loan.
What Is the Monthly Payment for a VA Loan in Hawaii?
The monthly payment for military loans in Hawaii will depend on your personal financial situation and the specifics of your loan. However, some factors that can affect your monthly VA loan payment include:
Factors that Determine Your Monthly Payment
- Your credit score
- The cost of the home you’re purchasing
- The length of the loan term
- The type of VA home loan you qualify for
If you are unsatisfied with your current monthly payment, you may be able to lower it with a VA refinance loan.
Types of VA Mortgage Programs We Offer in Hawaii
Depending on whether you’re looking to facilitate a new purchase or want to refinance your current home loan, you may need a specific type of VA loan. Our VA mortgage programs include:
- VA Purchase Loan: A VA purchase loan can be used to purchase, build, repair or adapt a home.
- VA Cash-Out Refinance Loan: A VA cash-out refinance loan is one of our refinancing options. This loan can be used to refinance a conventional or VA loan to turn your’ home’s equity into cash and lower your interest rate.
- VA Streamline Refinance Loan (IRRRL): A VA streamline refinance loan, or interest rate reduction loan (IRRRL), is another refinancing option that allows you to quickly refinance a VA loan.
When you apply for a VA loan with Griffin Funding, one of our specialists will evaluate your VA home loan eligibility and recommend the best-suited option for you.
Are VA Home Loans in Hawaii Worth It?
Whether a Hawaii VA loan is right for you depends on your circumstances, However, VA loans are typically the most beneficial mortgage options for those who qualify considering the many benefits, such as:
- No down payment
- Lower interest rates
- No private mortgage insurance (PMI)
- FICO scores as low as 580
- Limited closing costs
- 0% funding fees for VA disabilities and service-related injuries
- Reduced seasoning on recent credit events
- Can be transferred to a VA-eligible buyer
Depending on your circumstances, our loan specialists can help you find the most advantageous loan option for your needs. If you’d like more info on Griffin funding VA loans, any of our team members are happy to help you understand the pros and cons of these mortgage programs.
Apply for a Hawaii VA Loan Today
Our knowledgeable loan officers have helped many service members like yourself take advantage of the benefits of VA loans. Secure the best terms on your VA home loan in Hawaii by submitting an application online or calling us at (855) 394-8288.