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

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.