VA loan limits for Hawaii are increased to $741,250 for 2011. This is for 100% financing with no cash down on a home purchase. The VA funding fee can be financed as part of the $741,250.
No Private Mortgage Insurance (PMI) required, the VA guarantees 25% of the home's appraised value, thus eliminating PMI.
In some instances disabled veterans are exempt from the VA funding fee.
If a service member is overseas, his/her spouse can satisfy the occupancy requirements.
VA loans can sometimes be structured so that a buyer needs very little cash to pay at closing. Be safe, save some cash - having zero cash and planning to buy a home can result in disappointment. And please don't buy a new car while shopping for homes. That's a proven way of overloading one's credit and putting the brakes on buying a home.
Military serving overseas - you might still qualify for the first time homebuyer credit! Your offer must be accepted no later than April 30, 2011 and the transaction must close by June 30, 2011.
Contact Mike for buying your Hawaii home!
Michael Bates (RA)
i Properties Hawaii