The Homeowners Assistance Program in Hawaii or, as it is more commonly referred to as the HAP is widely being used by Active Duty Military in Hawaii.

The program is designed to help Service Members in Hawaii with selling their homes and the HAP makes up all or some of the shortage.  Be aware that you may get a Form 1099 and you will have to claim the amount of money brought in by HAP as income.  Consult your tax professional for further details.

This is only available to Active Duty Military in Hawaii that meet certain criteria.  The exact criteria can be found at http://hap.usace.army.mil/EP_PCS.html.

Here is another very important fact about the HAP that many Active Duty Military Veterans in Hawaii are not aware of.   If the Military Member purchased the house using a VA Loan in Hawaii and the HAP doesn’t cover 100% of loss, the VA Loan Guaranty might pick up the rest of the shortage so that the Military Veteran doesn’t have to come out of pocket with any money.  I am working on a HAP right now for an Army Helicopter Pilot who has this exact scenario.

If you own real estate in Hawaii, are an active duty service member and you need more information about HAP or short sales in Hawaii, call or email me anytime for a personal and confidential assessment of your situation.

Very nice townhouse in the Ocean Pointe subdivision of Ewa Beach.  This unit has 2 bedrooms, 2.5 bathrooms, a DEN, all major appliances including microwave and dishwasher, central air conditioning, private back yard, PUTTING GREEN, 2 car garage and ceramic tile flooring in the main living areas and bathrooms.

This home is approved for VA Loan Hawaii home purchases.  Military personnel relocating to to Hawaii love Ewa Beach and Ocean Pointe.  They can find quality, affordable Hawaii real estate and it is close to military bases in Hawaii.

Contact David Kucic, RE/MAX Honolulu from the Kapolei, Hawaii real estate office at (808) 218-9338.

Hawaii VA Home Buyer Information

Are you still “sitting on the fence” and waiting to buy your piece of Hawaii Real Estate?  Are you waiting for the prices to drop further?  As a Real Estate agent in Hawaii working with Military Relocations to Hawaii and specializing in VA Home Loan purchases, I run across Hawaii military very often that fit into this category.

I never push anyone into buying a piece of real estate in Hawaii.  That is your decision to make.  However, if you know that you want to buy a home in Hawaii but are waiting on the market to “bottom out”, please consider this information below.

I put these charts together to illustrate what could happen if you wait on the prices to decrease 10% but at the same time, interest rates increase 1%.

The first chart depicts purchasing a home now at an interest rate of 5% with 100% financing. 

The second chart shows what will happen if you wait on prices to drop 10% from the current price and the interest rate to go up to 6%.

Don’t forget that the longer you wait to buy, you continue to pay rent which is money that is disappearing and will not find its way back into your wallet.

 Purchase Price                                                       Monthly Payment (principal and interest only)

Purchase Price (down 10%/interest rate up 1%)             Monthly Payment (principal and interest only)

Fact #1:  Interest rates for 30 year VA home loans in Hawaii are currently hovering around 5% to 5.5%.

Fact #2:  There is a large inventory of homes for sale right now. 

Fact #3:  Many Sellers are motivated to sell you their house and may be willing to negotiate.

Unknown #1:  House prices.  Are they going higher or lower?

Unknown #2:  Interest rates.  Are they going higher or lower?

David Kucic, RE/MAX Honolulu located in Kapolei, Hawaii

VA Home Sales Expert in Hawaii

www.davidkucic.com

Phone: (808) 218-9338

Email: david@davidkucic.com

Congratulations on your military relocation to Hawaii! 

You have a thousand things to do as you begin plans to PCS and one of them might be the thought of purchasing a home in Hawaii using your VA Loan Eligibility.

Unless you are coming from another high cost area, your BAH rate will most likely increase when you get to Hawaii.  The mortgage payment on a home might even be within reach for you based on the BAH and also the COLA that you will be entitled to.

But should you really buy a home in Hawaii? 

What are you going to do with that home when your 3 year tour of duty is over and it is time to PCS?  What if the value stayed the same or decreased and you can only sell it at a loss?  Are you willing to take that chance?  If you decide to keep the home and use it as a rental, are you prepared to pay 10% of collected rent each month to a property manager, pay for needed repairs and have enough cash on hand to make your mortgage payment in between tenants?

For more information on purchasing real estate in Hawaii, contact me anytime via email or telephone.

Good luck with your move to paradise!

Featuring 4 bedrooms, 2.5 bathrooms and 1,512 sf of interior living space. This home is in excellent condition and is not a short sale.
Located in the growing community of Ewa Beach just a short walk to the community swimming pool for the residents of this neighborhood. At the time of this article, the home is the lowest priced 4 bedroom home in the Tuscany neighborhood. For your private showing, call David Kucic at (808) 218-9338 or email to david@davidkucic.com