Hawaii Veterans have a lot of opportunities to purchase a home, and a big reason why is the VA Loan Program.
And beginning in 2020, Veterans who have received a Purple Heart for their service will be able to save even more money through a VA Loan.
A new law that takes effect on Jan. 1, 2020, exempts the funding fee for a VA Loan that is typically a part of guaranteed loans through the Department of Veteran Affairs, according to military.com. The funding fee, generally speaking, can range from 1.25 percent to 2.5 percent of the value of the whole loan. Since 1982, just disabled Veterans were exempt from a funding fee payment. The recently approved Blue Water Navy Vietnam Veterans Act of 2019 now opens that benefit up to those who received a Purple Heart.
VA Loans are available to Active Duty personnel, Veterans and surviving spouses. Backed by the U.S. Department of Veterans Affairs, VA Loans offer 100 percent financing*, the ability to finance the funding fee and no requirement for mortgage insurance.
Additionally, if a home in need of repairs is purchased, the price to conduct those repairs may be able to be wrapped up into the loan.
VA Loans can be ideal for first-time buyers because of these lenient requirements.
At Element Mortgage, we are greatly appreciative of the men and women who have sacrificed to protect our nation. That is why we are a proud VA-Loan-Approved lender. If you have any questions about obtaining a VA Loan in Ohau, make sure to contact us today.
*Qualifying factors may apply.