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VA Loans are a powerful tool and benefit that is extended to our nation’s Veterans. These loans, which are backed by the US. Department of Veterans Affairs, offer 100 percent financing*, and come with no mortgage insurance requirement.

Because of this, many Hawaii Veterans are taking advantage of this opportunity to become homeowners. If you decide to go with a VA Loan, there are some specific questions you can ask your loan officer that will help guide you through the process.

How long does it typically take to close on the loan?

This can vary depending on the various scenarios that come with the home loan process, but generally speaking, at Element Mortgage it should take 30 days or less. With our Keys On Time** Program, you can get a 20-day close with an offer supported by a full loan approval.

How many VA Loans do you typically handle every month?

This will vary from loan officer to loan officer, but it is a good idea to ask in order to gain an understanding of how familiar the loan officer is with these types of loans. The loan officers at Element Mortgage are well-versed on the VA Loan process and will be able to handle it from start to finish.

What is communication like during the process?

There are a lot of moving pieces and a lot of stakeholders involved in the home loan process. That is why it is important to get an understanding from the loan officer about who all you will need to communicate with and the milestones that you will all reach together during the process. Time is of the essence during the home loan process, so make sure you are ready with any required paperwork. At Element Mortgage, we put communication and technology that allows for meeting milestones seamlessly front and center.

VA Loans can be ideal for first-time home buyers because of the no down payment and mortgage insurance requirement. In some situations, a Veteran may even be able to roll needed repairs to the home into the loan amount.

If you have any questions about obtaining a VA Loan in Oahu, please don’t hesitate to contact one of our home loan professionals.

*Qualifying factors may apply. Example VA: Loan amount $300,000, 0% down, monthly payment without taxes and insurance $1,844.77 APR 4.432%
for Hawaii blog, trigger term (100% financing)

**Not available in Oregon. The “Keys on Time” program is a limited guarantee that APMC will provide a credit to the borrower of $895 after the close of escrow if, due to some fault on the part of APMC, its originators or other APMC staff, a purchase transaction does not close until a date after the originally stated close of escrow date. The “Keys on Time” limited guarantee does not apply if the purchase transaction fails to close on or before the anticipated close of escrow date due to events/circumstances beyond APMC’s control, including but not limited to, delays caused by: an unacceptable or unexpectedly low appraisal value on the subject property, acts or omissions by the escrow or title company, second lien holder approvals, short sale approval, or loan conditions imposed by the lender that, despite reasonable diligence by APMC, are not met by any party in a timely manner. The “Keys on Time” limited guarantee trigger begins when the initial loan package is received by APMC’s Fulfillment center. The complete loan package must be received in the APMC Fulfillment center a minimum of 20 days prior to the COE date. Exclusions: The limited guarantee does not apply to the HARP program, reverse mortgages, FHA 203k, non-delegated jumbo products or any loans that require prior approval from an investor. The limited guarantee applies to purchase transactions only. All programs are subject to borrower and property qualifications. Rates, terms, and conditions are subject to change without notice.

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