Just got this email from a lender:
The maximum loan amount was just updated to the VA Matrix for 2011 which includes a
loan increase for Honolulu
county of $741,250! Other highlights include:
·
620 FICO up to $700K no reserves
·
Max loan amount of $1,500,000
·
Split entitlement is ok
·
Spouse can satisfy occupancy
requirements
·
Case by case VA IRRRLs with no
appraisal up to $1,500,000*
·
AVM (no appraisal) only if the LTV is less than 95%
for IRRRLs up $1,500,000*
*anything over $700K needs an exception
The VA loan is one of Hawaii's best financing options. Without it, many military would never be able to buy a home. I have worked with many military families and I can say that the VA loan has really been a great tool for them.