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What You Need to Know About VA Home Loans

A VA home loan is a home-mortgage option available to United States Veterans, Service Members, and spouses. VA loans are issued by qualified lenders and are FHA/VA approved. VA Benefits include purchase loans, Cash Out Refinance loans, Interest Rate Reduction Refinance Loan (IRRRL,) Native American Direct Loan (NADL) Program, Adapted Housing Grants, and more. Purchase loans assist in the purchase of a home, often requiring no down payment or private mortgage insurance.

C2 Financial is not only the second largest mortgage broker in the United States, but the co-owner, Joe Schmitz, served in the Navy for 6 years. At C2, we understand what it means to serve. Not only are you, the soldiers, sacrificing, but so are your families. That’s why when looking to mortgage your new home or refinance, you can turn to a company who understands you, understands your situation and can deliver what you deserve.

Hawaii is home to a high concentration of heroes. C2 Hawaii aims to save as much money as possible and ensure every person is covered, no matter what their story is.

What we offer:

  • 100{046f3d91427b4ee66fbec940b2d6c10f717356ba49b766d384486a1634885ba4} Financing
  • $0 down payment
  • $0 Cash to Close Option: allows you to tap into the equity of your current home for the down payment on your new home.
  • No Mortgage Insurance
  • Lower Interest Rates
  • Lenient Credit Requirements (allowing scores as low as 500)
  • Easier qualifications
  • Funding Fee – a fee charged to a veteran by VA, which helps finance the VA home loan program. This fee can be financed and refunded if you are approved for 10{046f3d91427b4ee66fbec940b2d6c10f717356ba49b766d384486a1634885ba4} or more on your VA disability application. Take a look at the Funding Fee table.
  • Refinancing: streamlined refinance with no appraisal, income, or asset documents required. All you need is zero 30 day late payments for a year. No cash to close and skip up to two months’ payments,
  • Cash out refinances: 100{046f3d91427b4ee66fbec940b2d6c10f717356ba49b766d384486a1634885ba4} loan to value cash-out refinances available only through VA loan. The cash can be used for any purpose.
  • Jumbo loans with as little as 5{046f3d91427b4ee66fbec940b2d6c10f717356ba49b766d384486a1634885ba4} down payment, fixed rates, and adjustable-rate mortgage, and more.
  • FHA refinance rehab loans, and more.
  • Reverse Mortgage options for borrowers 62 years of age and older.
  • Home equity line of credit
  • USDA

What is DD214 and why is it necessary?

DD214 is a portion of Military Service Records that may be a Certificate of Release, Discharge from Active Duty form, or Separation Record. A DD214 is issued when a soldier retires, separates, or is discharged from duty. The records are needed to verify military service benefits, retirement, employment, and membership in veteran’s organizations. Veterans can request their DD214 online. To complete the form the following information is needed: complete name, service number, social security number, branch, dates of service, birthdate and birthplace.

Additional benefits of VA home loans:

  • VA loans are reusableand you may be able to obtain more than one at a time.
  • Most VA home loans are intended for “move-in” ready homes. To find VA approved condos, visit the US Department of Veterans Affairs site.
  • Loans won’t be denied basedon low credit scores and eligibility usually only looks at the past 12 months of credit history.
  • Even if you have a history of bankruptcy, you may still be eligible for a loan.
  • If you have a service-related disability, you may be able to waive your funding fee, which will reduce costs.

Reasons you may not prequalify for a VA Loan:

You may not qualify for a VA loan if you have a history of bankruptcy or foreclosure. However, fear not. You are still eligible for a VA loan. It may take more time before lenders will be willing to consider you, around 1-2 years depending on the type of bankruptcy or foreclosure. In contrast, it could take between 4-7 years to be considered for a conventional loan following a bankruptcy or foreclosure. During the “wait” period, it is critical to focus your efforts on improving your credit score.

You also may not qualify if your employment is not considered sufficient. As long as you have at least two years of a full-time stable employment, you should be smooth sailing. It is important to plan ahead for a VA loan. If you know you are going to need to take a mortgage loan, do your best to find a stable full-time salaried job. A low credit score may also affect eligibility. C2 will accept credit scores as low as 500. However, attempt to maintain a good credit score or improve it. Talk to your bank for tips on how to improve your credit score.

Veteran Resources:

Visit, an organization where Veterans and their families can claim benefits, find local National Service Offices, and more. Since a history of stable employment is important, your local National Service Office offers employment resources.  Or, you can visit, the site of the U.S. Department of Veterans Affairs. Our monthly payment calculator allows you to estimate your monthly payment based on the loan amount, interest rate, and term length in years. A C2 Hawaii is the right option when it comes to mortgage or refinancing. We see veterans being taken advantage of regularly, and we are on a mission to repay those who have sacrificed for us by putting money back into their pockets. Click here to receive your free personalized rate.


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