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VA Home Loans are one of the most widely used loans for veterans and they are available for: service members, eligible surviving spouses, and Veterans.
One of the top mortgage lenders in Hawaii is C2 Hawaii, an authorized lender of VA loans.
C2 Hawaii is founded by Veteran, Joe Schmitz, he has been in the lending industry for over a decade and prior, served in the Navy for 6 years. Schmitz says, “I look forward to helping Veterans and their families make their home owning dreams come true. Our team has some of the best trained VA specialist loan officers in Hawaii and as a Veteran, I know firsthand the benefits this type of loan can provide.” Since the VA guarantees “a portion of the home against loss” lenders can provide more favorable terms to eligible borrowers in Hawaii.

1. Veterans receive the benefit of no down payment.

Yes, you read that right, no down payment. Qualified buyers in Honolulu County can purchase a home up to $721,050 with $0 down. VA loan limits are adjusted for more expensive markets, such as Hawaii, to allow veterans to borrow more money without having to fork out money for a down payment. While standard loans require a typical minimum of 5 percent down, an amount that can take years to save, Veterans and their families do not have to pay those hefty upfront costs. However, there is no maximum purchase amount for VA loans, this is just the ceiling for full financing

2. We can count your BAH (Basic Housing Allowance) as income

BAH is paid monthly to eligible service members when government housing is not available. At C2, we can count that as effective income to put toward the amount a potential borrower can spend on a mortgage each month. However, BAH is different for everyone. The amount is based on rank, dependency status, and permanent duty station zip code.

3. VA Loans Are eligible for lower interest rates

With VA loans being backed by the federal government, interest rates are usually much lower than conventional loans. However, credit scores are also taken into consideration when applying for a VA loan so the interest rate will vary from person to person. Although, even with a low credit score, a qualified VA loan borrower may enjoy the same rate as someone with a top credit score applying for a standard loan.

4. Closing costs can be lower for Veterans

The VA limits the closing costs that lenders charge veterans. Some of the costs a Veteran is not allowed to pay includes: attorney fees, brokerage or “buyer broker” fees and termite reports.

5. Your VA loan is reusable!

Have you already used a VA loan at another duty station? No problem! Your VA loan is reusable again and again if the previous loan is paid off. There is no limit on the times a qualified VA loan borrower can use his/her loan.

Are you an active military member, veteran, or family member looking to purchase a home or refinance your current one? We would love to get to know you and help you through your mortgage process. Click here to receive your free personalized rate from one of our local certified officers.