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 for their Military Relocation to Hawaii
and Hawaii Home Buyer.
Hawaii Mortgage Information
General Hawaii Mortgage Information
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 Relocation Hawaii
USS Arizona
Puu O Mahuka Heiau
Iolani Palace
Hawaii Homes for Sale
Mililani Real Estate
Honolulu Real Estate
Military Relocations Hawaii
VA Loans
808.375.1404
celestecheeseman@hawaii.rr.com

© 2008 Celeste "Sally" Cheeseman, All rights reserved
                                                   


                                                       This Realtors® Perspective: Hawaii Military & the VA Loan

Honolulu County IS of the whole island of Oahu in the Hawaiian Islands. With 50+ Hawaii Military Bases and Installations on
our island alone, you can guaranty that the VA Guaranteed Loan is the way to go for the Hawaii Military Veteran purchasing
their piece of Hawaii and paradise with a place they can call home.


Remember, VA Guarantees a percentage of the loan and you still have to go through a Lender that actually does do VA
Loans and it is for your OWN PERSONAL USE. (not all banks, credit unions and loan companies do VA Loans). The Veterans
Administration Guaranteed Loan is one of just a couple of loan programs that allow the Veteran to finance the funding fee as
well as come in with no down payment. (100% financing). Note: If you are a disabled Vet you do not pay a funding fee! Make
sure and get your paperwork from VA for % disability.

In my experience, the Hawaii Based Military personnel have purchased homes or condos totalling 1/3 of my total sales with
their VA loan benefits. I have learned the process very well and you may as well consider me a Seasoned Real Estate Agent
for VA Transations and the Hawaii Military Relocation.

I take pride in my relationships with the Military Stationed in Hawaii and pay particular attention to their needs when they
Relocate to Hawaii.  I was a military dependent in younger years (dad in the Navy for 22 years) my former husband was in the
Air Force and my son was in the US Navy. I KNOW what's it's like to constantly  travel and relocate as a former Military
Dependent. The Hawaii Military Veteran makes up 10% of our population on Oahu & the Active Duty Military Personnel
make up about 3.5 % of our population on Oahu.

The following guidelines will help you in preparing for your Hawaii Relocation (or even if you already live here and are
purchasing a home) and learning about the transaction process using your VA Guaranteed Loan:

  1. Your Realtor® needs to know what price range you qualify for in order to search through the MLS system for
    properties in your criteria that you provide (i.e. #bedrooms, baths, etc). If you do not know a LOCAL lender this
    Realtor® can refer you to a couple of local lenders who are well qualified and know the State Laws In Hawaii.
    Local lenders also will be walking along side you step by step as well as being face to face at time of signing loan
    docs.
  2. When the Loan Officer lets both you and Your Realtor® know what price range you are qualified for the  Oahu and
    Surrounding Neighborhoods,  THIS Realtor® will set you up with a detailed web page according to your criteria for
    property listings.
  3. Get your financial documents together (and make sure you don't let the movers pack them!) such as LES's for a
    whole month prior (you can also get this on MyPay online so not to worry), last two years of W-2's, last two months bank
    statements, any documents relating to your VA disability (if you are a disabled vet) and whatever the Loan Officer tells
    you that you will need.
  4. Your VA Certificate of Eligibility will be ordered by the Loan Officer online once you go through the loan application
    process and it saves you the trip to Tripler Army Medical Center -VA Office- so, not to worry. VA guarantees
    approximately 25% of your loan to the lender.
  5. Your Credit (FICO) Score and Income make a difference if you are to be qualified for a VA Loan. Remember, just
    because you have VA Benefits does not mean you don't have to have decent or some credit. There is a criteria that the
    Lenders follow according to VA guidelines. (i.e. if you have NO credit you cannot obtain a loan. Get a gas card and
    credit card to establish credit. You DO have to show a history of payments). Your debt to loan ratio is also taken into
    consideration and part of the criteria.  
  6. This Realtor® makes showing appointments according to the criteria you have specified. Off we go on your search for
    your Hawaii Home! You will know which home to put an offer in on and it'll be when you walk in a home and you say,
    "This feels like the right home for me!"
  7. Then the contract is drawn up and this Realtor® explains each contingency throughout the contract while signing.
    The offer is submitted to the Seller's Agent and when it is accepted by the seller the Transaction and Loan Process
    begins!
  8. This Realtor® sends the accepted contract to the Loan Officer and Opens Escrow. All documents and you initial
    deposit check will be submitted to escrow during the transaction and you will make an appointment immediately to
    submit all documentation and go through the VA application/signing with the loan officer. From there the loan officer
    orders the appraisal.
  9. This Realtor® will set a time & date coinciding with your schedule to do your home inspection and will also give
    you a list of professional home inspectors to choose from. The home inspection will show you if there is anything to be
    repaired or remedied,
  10. 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.
  11. 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.
  12. 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 the signing with you. Approximately two to
    three days after signing the lender will wire all monies to escrow (funding) and when escrow receives all monies they
    will take the documents to the Bureau of Conveyances to record. One day later the Bureau gives clearance of recording
    and in turn escrow notifies all parties.


                                                       At this time, I call you and say, Congratulations! You now own your 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




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®!


                   Celeste "Sally" Cheeseman, RA, e-PRO / Century 21 Liberty Homes, Mililani, Hawaii


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