Now is the time to use your 0% financing and no down payment benefit that comes with the VA Loan Program. Interest rates are competitive and this could be the opportunity to lock in before rates rise. The VA Loan Program makes it easier for qualified Hawaii buyers to get a loan of up to $721,050. […]
2016 Military Pay Increase Signed
It’s official. The National Defense Authorization Act of 2016 includes a 1.3% across-the-board base pay raise for 2016. This means an additional $20 to $142 per month depending on rank and length of service. In addition, new rates have been set for BAH and COLA. If you want to view your pay and stay up […]
Basic Allowance for Housing (BAH) for 2016
The BAH (Basic Allowance for the Military) will be reduced on Oahu in 2016. Needless to say this is extremely disappointing news for active duty members of the military and their families that will be transferring to Hawaii. The cost of living continues to increase here in the islands and our government will be cutting […]
The VA Loan and Spousal Income: How Does it Work?
I get a lot of different questions about the VA Loan before and during the process. However, one of the most asked questions I receive is whether or not spousal income can be counted on the VA loan application; specifically for calculating the DTI, or debt to income ratio. The first choice of many veterans […]
Residual Income Guidelines for Hawaii
There are certain residual income guidelines you need to be aware of in Hawaii when applying for a VA home loan. Residual income requirements vary based on where you live. VA mortgages default at the lowest rate of all major lending options – including prime loans made via Fannie Mae and Freddie Mac. The Department […]
What is DTI and How is it Calculated?
A debt to income ratio (DTI) is the primary factor in determining a borrower’s ability to repay the loan. Your DTI is your minimum monthly debt obligations (what’s included on your credit report) plus your expected housing expense, divided by your gross monthly income. You can see the formula below. DTI = Monthly Debt Obligations + Expected […]
