Home sellers in Hawaii are missing out on a huge market because of their misconceptions on the VA loan system. Because of this and other reasons, and as a benefit to the VA eligible in Hawaii, VAREP will be hosting the first Veterans Housing Summit in Hawaii.
Many Hawaiian home sellers wrongfully believe that obtaining a VA loan is a long tedious process when compared to traditional mortgages, but that is not the case, according to the Veterans Association of Real Estate Professionals (VAREP.net) – a nonprofit organization that educates veterans on the assistance programs available to veterans.
The Hawaii State Director for VAREP, Bryan Ahn, says home sellers could sell their home faster if they marketed their homes to veterans and active duty members. The VA loan is currently the fastest growing market for home sales on the mainland, according to the US Department of Veteran Affairs.
During the 2013 fiscal year, home purchases financed with a VA loan, rose 19 percent to 241,190, according to the US Department of Veteran Affairs. With Hawaii being home to the 7th largest military population in the US, with roughly 50,000 active personnel and 20,000 civilians, the use of the VA loan can only increase home purchases in the state.
Unfortunately, most Hawaiian veterans returning from the war are unaware of how easy it is to apply for VA home assistance programs.
VA Housing Summit in Honolulu
The local Hawaiian chapter of VAREP will be hosting its first annual Veterans Housing Summit on Saturday, August 23rd 20014 at the Oahu Veterans Center (Foster Village). The free summit will educate and assist veterans with the VA home buying process.
During the summit, veterans and active duty members will learn how to qualify for government assistance programs. VAREP will also help veterans get certified to apply for these government assistance programs that they earned from their service.
“It is easy to get anyone qualified to get the VA loan from any financial lender,” said Mr. Ahn. “The real challenge is how do you help veterans who do not qualify for the loan? That is the purpose of this summit. To help all of those veterans who don’t even know how to move forward.”
Veterans can improve their chances for qualifying for a VA home loan at the VA Housing Summit by bringing tax returns from the last 3 years; W2 forms from the last 2 years; pay stubs from the last 30 days; bank statements from the last 2 months; any 401k statements; a photo ID and a copy of their DD214. All of these documents will help veterans and active duty members qualify for any VA home loan assistance.
Contributed by Tommy Essoka