Those who are considering purchasing a home in Oahu and have been waiting for the ideal time, that time may be on the horizon.
According to the National Association of Home Builders’ Housing Trends Report, those planning to purchase a house in the near future expect the search to become easier. Specifically, 22 percent of those individuals believe it will be easier soon, which is another way of saying they expect higher inventory at prices they are more likely to be able to afford.
And data for Oahu real estate seems to back up this perception from prospective buyers. A recent report found that the median home price on the island dropped 2.9 percent in April as inventory increased.
The writing is on the wall for the coming months to be a potentially ideal time to purchase a home on Oahu. One particular buyer this may be a good time for is Veterans. At Element Mortgage, we greatly appreciate the sacrifices the men and women of our military have made for our country. That is why we always try to help Veterans, active duty and surviving spouses out as much we can through VA Loans.
VA Loans are insured by the U.S. Department of Veterans Affairs and come with more lenient qualifying guidelines than other loan programs. VA Loans offer 100 percent financing* and no requirement for mortgage insurance. Those who are interested in these types of loans will need to provide a valid Certificate of Eligibility. These programs are also ideal for first-time buyers because of the lenient qualifying requirements.
A few things to keep in mind about VA Loans:
- A Veteran’s eligibility does not expire.
- A bankruptcy does not make a Veteran ineligible.
- There is no minimum down payment requirement.
- You can borrow the full price of the value of the home.
- You can have more than one VA Loan active at once.
If you have any questions about the Oahu market and VA Loans, make sure you contact one of our mortgage consultants.
*Qualifying factors may apply. Example VA: Loan amount $300,000, 0% down, monthly payment without taxes and insurance $1,844.77 APR 4.432%.