VA Loan

The island of Oahu is the home for each branch of military and here at Hawaii Mortgage Experts, LLC; we appreciate and support our military! Our company is known for their outstanding commitment and strong relationship with our military members and families. To show our appreciation to our service men and women, we promise to dedicate time and hard work to find you the best loan to refinance or purchase your home.

Veterans Administration (VA) Loan

The Veterans Administration (VA) Loan is a mortgage guaranteed by the United States Department of Veterans Affairs. It was created in 1944 by the United States government with an objective to offer long-term financing for active, Reserved, National Guard and veterans, without needing a down payment or excellent credit score. Ever since then, there have been over 22 million VA Loans insured by our government to help our service men and women to purchase or refinance their homes.

  • 0% Down Home Loan
  • No Private Mortgage Insurance (PMI)
  • Competitive Interest Rates
  • Easier to Qualify

Who is Eligible for a VA Loan?

  1. Veterans
  2. Active Duty Service Members
    • Served 90 consecutive days of active service during wartime
    • Served 181 days of active service during peacetime
  3. National Guard members
    • Have more than 6 years of service in the National Guard
  4. Reservists
    • You have more than 6 years of service in the Reserves
  5. Spouses of deceased or disable military member
    • Military member of spouse has died during active duty or as a result of a service-connected disability may also be eligible

After establishing that you are eligible you will need a Certificate of Eligibility (COE). The COE will verify your length and character of service make you eligible to use the VA home loan benefit. 

Below are three different ways you can apply for VA Loan Certificate of Eligibility:

  1. Apply through a VA approved lender
  2. Apply online through the VA’s eBenefits portal
  3. Apply by mail with VA Form 26-1880

Make sure you present these follow documentations, based off your eligibility status, when applying as well:



Evidence to Apply

Current or former National Guard or Reserve member who has been activated Federal active service
DD Form 214 – required to have a copy showing the character of service (item 24) and the narrative reason for separation (item 28).
Active Duty Service member

A current statement of service:

  • Signed by (or by the direction of): the adjutant, personnel office, or commander of the unit or higher headquarters
  • Showing: your full name, Social Security Number, date of birth, entry date on active duty, the duration of any lost time, the name of the command providing the information.

Current National Guard or Reserve member who has never been Federal active service

Statement of service:

  • Signed by (or by the direction of): the adjutant, personnel officer or commander of your unit or higher headquarters.
  • Showing: your full name, Social Security Number, Date of birth, Entry date on duty, the total number of creditable years of service, the duration of any lost time, the name of the command providing the information.

Discharged member of the National Guard who has never been activated for Federal active service

NGB Form 22, Report of Separation and Record of Service, for each period of National Guard service
NGB Form 23, Retirement Points Accounting, and proof of the character of service.

Discharged member of the Selected Reserve who has never been activated for Federal active serviceCopy of your latest annual retirement points statement and evidence of honorable service
If you are a Surviving Spouse in Receipt of DIC (Dependency & Indemnity Compensation) benefitsSubmit VA form 26-1817 and veteran’s DD124 (if available) include veteran’s and surviving spouse’s social security number on the 26-1817 form
If you are a Surviving Spouse and are not receiving DIC (Dependency & Indemnity Compensation) benefits

Submit the following to the appropriate Compensation and Pension office:

  • VA form 21-534 (mail to: VA Regional Office [PMC-SBC])
  • DD214 (if available)
  • Marriage License

Death Certificate or DD Form 1300 – Report of Causality

Already Obtained A VA Loan? Need Another One?

Depending on the situation, your VA Loam eligibility is reusable. With that said, you are able to restore your eligibility again is you have paid-off your prior VA loan and discard the property. It is only a one time deal, but you may also restore your eligibility if your prior VA Loan has been paid-off, but your still own the property. Either way you choose, you must send the Veterans Administration a completed VA form 16-1880 to the VA Eligibility Center, in order to restore your VA Loan eligibility. To speed up the process without any delays, please include evidence that the prior loan has been fully paid, and if applicable, that the property was disposed. Also, a paid-in-full statement from the former lender or a copy of the HUD-1 settlement statement must be submitted.

Types of Homes to Purchase with a VA Loan

  • Existing Single-Family Home
  • Townhouse or Condominium in a VA-Approved Project
  • New Construction Residence
  • Manufactured Home or Lot
  • Home refinances and Certain Types of Home Improvements

Regulations and Fees

Even though the Veterans Administration (VA) Loan is a federal program, private lenders finance the loans to the military member or veteran, while the Department of Veterans Affairs secures it. With that said, the government will not predominantly make or give direct loans to military members or veterans. The Department of Veterans Affairs protects the lender against total loss should the buyer defaults and/or provides incentive for private lenders to offer loans with better terms.

  • Loan Limits
    • The limit of a VA Loan purchase may vary based off counties, but in most counties, it can purchase homes worth up to $424,100.
  • Funding Fees
    • The fee can vary due to the borrower’s circumstances; does not apply for veterans with service-connected disabilities.
    • VA borrowers can carry over the funding fee into their overall loan amount.
    • VA also limits closing costs for veterans and allows sellers to pay most of all of those expenses