| Celeste :"Sally" Cheeseman Realtor Associate, e-PRO Liberty Homes Contact: 808.375.1404 |
If you are planning purchasing real property when you Relocate to Hawaii it is always
advisable to seek a Hawaii local lender who will be right by your side, face to face during the
loan process and real estate transaction. Why? Well, wouldn't you want your real estate agent
to be walking you through every step of the transaction as well? A professional will be there
for any questions you may have and will address your concerns promptly as well as be there
face to face to walk you through every step of the process. I sure like to see who I'm working
with as well as well as look out in the best interests of my clients. Working with the loan
officer, the other agent and escrow are all pertinent to make for a smooth transaction!
Following is some information that will help you understand the Loan Process and also
some information on the VA Loan Process for the vet during their Military Relocations to
Hawaii.
advisable to seek a Hawaii local lender who will be right by your side, face to face during the
loan process and real estate transaction. Why? Well, wouldn't you want your real estate agent
to be walking you through every step of the transaction as well? A professional will be there
for any questions you may have and will address your concerns promptly as well as be there
face to face to walk you through every step of the process. I sure like to see who I'm working
with as well as well as look out in the best interests of my clients. Working with the loan
officer, the other agent and escrow are all pertinent to make for a smooth transaction!
Following is some information that will help you understand the Loan Process and also
some information on the VA Loan Process for the vet during their Military Relocations to
Hawaii.
Mortgage Info
General Hawaii Mortgage Information
Military Relocations Hawaii
Military Relocations Hawaii
The Hawaii Loan Process
Pre-Qualification occurs before the loan process actually begins, and is usually the first
step after initial contact is made. The lender gathers information about the income and debts
of the borrower and makes a determination about how much house the borrower may be
able to afford. Different types of loan programs may lead to different values so be sure to get
a program you are suited for. Let the Loan Officer know what kind of monthly payment is in
your "budget" (anyone with good credit can get prequalified for X amount but do you want to
pay those payments for X amount?)
Application The application is actually the beginning of the loan process and usually occurs
between day one and three of the loan. The buyer (borrower) completes a mortgage
application with the loan officer and supplies all of the required documentation for
processing. The borrower will receive a Good Faith Estimate (GFE) and a Truth-In-Lending
statement (TIL) within three days that itemizes the rates and associated costs for obtaining
the loan.
Processing occurs between 5 and 20 days of the loan. The "processor" reviews the credit
reports and verifies the borrower's debts and payment histories as the VODs and VOEs are
returned. If there are unacceptable late payments, collections for judgment, etc., a written
explanation is required from the borrower. The processor also reviews the appraisal and
survey and checks for property issues that may require further explanation or remedies. The
processor's job is to put together an entire package that may be underwritten by the lender.
Underwriting occurs between 21 and 30 days or sooner. The underwriter is responsible for
determining whether the package passed over by the processor is an acceptable loan. If
more information is needed the borrower is contacted to supply more documentation.
Mortgage insurance underwriting occurs when the borrower has less than 20% of the loan
amount to put towards a down payment. At this time, the loan is submitted to a private
mortgage guaranty insurer, who provides extra insurance to the lender in case of default. As
above, if more information is needed the loan goes into suspense. Otherwise it is usually
returned back to the mortgage company within 48 hours.
Pre-Closing occurs between days 25 and 30. During this time the title insurance is ordered,
all approval contingencies, if any, are met, and a closing time is scheduled for the loan.
Closing usually occurs between days 25 and 45 of the loan (depending upon the designated
length of your escrow). At the closing, the lender "funds" the loan with a cashier's check, draft
or wire to the selling party in exchange for the title to the property. This is the point at which
the borrower finishes the loan process and actually buys the house.
Recordation occurs 24 hours after "funding" and at which point your Hawaii Home is actually
yours. For liability purposes, in Hawaii we do not hand over the keys until we get word that the
transaction has recorded with the Bureau of Conveyances.
welcome to:
| Hawaii Homes Market Relocation Hawaii Military Relocations Hawaii |
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| Iolani Palace |
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| Hawaii Homes for Sale Mililani Real Estate Honolulu Real Estate Military Relocations Hawaii VA Loans |
| 808.375.1404 celestecheeseman@hawaii.rr.com |
VA Loans & Hawaii Military Relocations: This Realtors® Process
Active Duty or Veterans of the Armed Forces have VA Home Loan benefits for their home purchase that have proven
beneficial for when it comes to little or no money down loan program. (provided their credit is satisfactory) VA guarantees the
Local Lender that they will reimburse the lender a percentage should the veteran default on their loan. The following brochure
What VA Does For the Home Buying Veteran should be very useful guidelines and loads of information.
*Across the Ocean to Paradise: Military Relocations Hawaii* has loads of information for your Military Relocation to Hawaii
so you will have pertinent information on what to expect in your relocation to our island paradise.
Currently, I have one VA Loan client in contract and the other one has already been prequalified and coming to Honolulu Hawaii
next month specifically to put in an offer during their 5 day house hunting trip so they can return back to the mainland and pack for
their Hawaii Relocation in February. VA Loans are abundant here due to our high volume of military personnel and presence on
Oahu, Hawaii.
The following steps are what this Real Estate Professional does in order to make your Relocation to Hawaii as smooth as
possible concerning your real estate transaction and VA Loan Process.
After the offer is accepted the loan process begins. You will meet with your Loan Officer to submit your complete application
and submit all documentation needed for your VA Loan process packet. Then it goes to Underwriting to process the initial packet
and order the appraisal with their VA approved appraisers.
The Condominium and/or Subdivision Association Documents should be ordered immediately after acceptance of the offer and
in the buyer's hands within 10-14 days after acceptance. This agent will make copies of the Budget, last three Association
minutes and the Property Information form (RR105C) and submit it to the lender. They need this for the VA Loan Guidelines and
process for your loan. (these documents will show how the Association budgets their money in reserve. % of owner occupants,
any pending concerns or litigation going on and so forth.
Provided your loan process goes smoothly you should have a Conditional Loan Commitment Letter within the first three
weeks in contract. This is an approval of your loan with Conditions. Maybe you need to submit a couple of more documents or the
appraisal is not in yet or the survey and termite inspection are not done yet. These are the types of conditions that will be listed on
this letter.
Within two weeks after the Conditional Loan Commitment letter is issued all the conditions should be complete for signing
documents with escrow and the loan officer. Not to worry! I attend all signings with you.
In Hawaii, we do not sign at the same time as the Seller due to conflict of interest and we sign approximately four days before
recording. After the signing, the loan officer takes the notarized and signed documents to go through processing and within 2.5
days the Lender should have funded the money for your loan to the escrow company. When escrow receives all monies then they
will take the documents to the Bureau of Conveyances in Honolulu to record. By the next business day it will record and we
usually get word between 8-10am. At that time, the home is legally yours and I will have already made arrangements and have
your keys in hand to open the doors to your new home. Following is the table for the 2008 BAH in Honolulu County.
Rank With Dependents W/out Dependents Rank With Dependents W/out Dpndts
E-1 $1,925 $1,491 W-4 $2,925 $2,447
E-2 $1,925 $1,491 W-5 $3,065 $2,587
E-3 $1,925 $1,491 O-1E $2,583 $2,035
E-4 $1,925 $1,491 O-2E $2,776 $2,200
E-5 $2,035 $1,709 O-3E $2,947 $2,412
E-6 $2,412 $1,830 O-1 $2,078 $1,815
E-7 $2,553 $1,933 O-2 $2,403 $1,997
E-8 $2,708 $2,109 O-3 $2,797 $2,277
E-9 $2,892 $2,226 O-5 $3,124 $2,567
W-1 $2,414 $1,883 O-5 $3,352 $2,661
W-2 $2,616 $2,108 O-6 $3,380 $2,804
W-3 $2,804 $2,237 O-7 + $3,419 $2,860
Congratulations!
It's not easy moving across the Pacific Ocean let alone to a totally different "world" of people but you can do it with effort,
motivation and a great Realtor®!
Active Duty or Veterans of the Armed Forces have VA Home Loan benefits for their home purchase that have proven
beneficial for when it comes to little or no money down loan program. (provided their credit is satisfactory) VA guarantees the
Local Lender that they will reimburse the lender a percentage should the veteran default on their loan. The following brochure
What VA Does For the Home Buying Veteran should be very useful guidelines and loads of information.
*Across the Ocean to Paradise: Military Relocations Hawaii* has loads of information for your Military Relocation to Hawaii
so you will have pertinent information on what to expect in your relocation to our island paradise.
Currently, I have one VA Loan client in contract and the other one has already been prequalified and coming to Honolulu Hawaii
next month specifically to put in an offer during their 5 day house hunting trip so they can return back to the mainland and pack for
their Hawaii Relocation in February. VA Loans are abundant here due to our high volume of military personnel and presence on
Oahu, Hawaii.
The following steps are what this Real Estate Professional does in order to make your Relocation to Hawaii as smooth as
possible concerning your real estate transaction and VA Loan Process.
- Speak to a Local Hawaii Lender (if you do not have one I can refer you to a few who are well qualified in the State of
Hawaii) to submit your information and get prequalified. While talking to the Loan Officer make sure and let him/her know
what you are comfortable with for monthly mortgage payments. After getting prequalified your Realtor® will now know in
what price range to search for properties for you. - Let your agent know what other criteria you are looking for as far as # bedrooms/ # of baths, sq. ft. interior/land,
parking, single family or condo/townhouse. Just remember to go over the *Across the Ocean to Paradise: Military
Relocations Hawaii* because this gives pertinent information on what to expect in your Hawaii Relocation. - Get all your financial paperwork together so you will have it with you when you arrive.(Do not pack your bank statements,
W-2's, LES's and important documents you will need to submit for your loan!) - If you have a couple of months to spare you may order your Certificate of Eligibility from the Veterans of Affairs office.
It is not necessary to do so though, because our lenders order them online once you start your loan process and if
anything is held up we have a VA office centrally located on Oahu for your convenience and it takes just minutes. - Start your loan process before you get here so you will have everything in place when you submit an offer for a loan.
The loan process is the lengthy and of course an important part of the transaction so it is better to be proactive in your
process. Your closing costs can be included with your loan so you will have minimal costs to come in with and to close
with. - Appointments are made and off we go in search of your new home! When you decide that you would like to put in an
offer we will go through the whole 12 page (plus addendum's) contract and submit it to the sellers agent to present to the
seller.
After the offer is accepted the loan process begins. You will meet with your Loan Officer to submit your complete application
and submit all documentation needed for your VA Loan process packet. Then it goes to Underwriting to process the initial packet
and order the appraisal with their VA approved appraisers.
The Condominium and/or Subdivision Association Documents should be ordered immediately after acceptance of the offer and
in the buyer's hands within 10-14 days after acceptance. This agent will make copies of the Budget, last three Association
minutes and the Property Information form (RR105C) and submit it to the lender. They need this for the VA Loan Guidelines and
process for your loan. (these documents will show how the Association budgets their money in reserve. % of owner occupants,
any pending concerns or litigation going on and so forth.
Provided your loan process goes smoothly you should have a Conditional Loan Commitment Letter within the first three
weeks in contract. This is an approval of your loan with Conditions. Maybe you need to submit a couple of more documents or the
appraisal is not in yet or the survey and termite inspection are not done yet. These are the types of conditions that will be listed on
this letter.
Within two weeks after the Conditional Loan Commitment letter is issued all the conditions should be complete for signing
documents with escrow and the loan officer. Not to worry! I attend all signings with you.
In Hawaii, we do not sign at the same time as the Seller due to conflict of interest and we sign approximately four days before
recording. After the signing, the loan officer takes the notarized and signed documents to go through processing and within 2.5
days the Lender should have funded the money for your loan to the escrow company. When escrow receives all monies then they
will take the documents to the Bureau of Conveyances in Honolulu to record. By the next business day it will record and we
usually get word between 8-10am. At that time, the home is legally yours and I will have already made arrangements and have
your keys in hand to open the doors to your new home. Following is the table for the 2008 BAH in Honolulu County.
Rank With Dependents W/out Dependents Rank With Dependents W/out Dpndts
E-1 $1,925 $1,491 W-4 $2,925 $2,447
E-2 $1,925 $1,491 W-5 $3,065 $2,587
E-3 $1,925 $1,491 O-1E $2,583 $2,035
E-4 $1,925 $1,491 O-2E $2,776 $2,200
E-5 $2,035 $1,709 O-3E $2,947 $2,412
E-6 $2,412 $1,830 O-1 $2,078 $1,815
E-7 $2,553 $1,933 O-2 $2,403 $1,997
E-8 $2,708 $2,109 O-3 $2,797 $2,277
E-9 $2,892 $2,226 O-5 $3,124 $2,567
W-1 $2,414 $1,883 O-5 $3,352 $2,661
W-2 $2,616 $2,108 O-6 $3,380 $2,804
W-3 $2,804 $2,237 O-7 + $3,419 $2,860
Congratulations!
It's not easy moving across the Pacific Ocean let alone to a totally different "world" of people but you can do it with effort,
motivation and a great Realtor®!