VA Loans are a powerful tool for servicemembers, Veterans, or eligible surviving spouses in Hawaii. It is a unique home loan program that is backed by the U.S. Department of Veteran Affairs, and because of that, it offers favorable loan terms.
Here at Element Mortgage, we appreciate those who have served our country and salute them, and that is why we are proud to offer VA Loans. You may have heard that a change to the VA Loan limit in Hawaii occurred recently.
We wanted to take a moment to explain that change.
At the end of 2018, the Federal Housing Finance Agency (FHFA) announced that the limit on VA Loans in Hawaii (all islands) has increased to $726,525 for 2019. This amount is the max price a home buyer has access to without a down payment. If a home above that price is what you are looking for, you may be required to have a down payment.
For those who are eligible for a VA Loan and already own a home, this increase in the loan limit may allow them to pull more cash out of the equity they have built up in their house.
What this means is that Hawaii servicemembers, Veterans, or eligible surviving spouses may find 2019 to be an ideal year to take advantage of the VA Loan benefit. We would be honored to help in the process by explaining how to get started with the VA Loan process. We are standing by and prepared to dive into the details, all you have to do is reach out to one of our loan professionals!