Using Your VA Loan in Hawaii to Pay Off Credit Cards

Did you know that you can use money from a VA Loan in Hawaii to pay off credit cards, student loans or other consumer debt?  Its not illegal and it is not a secret but many Hawaii Military Veterans don’t know how to benefit from this and many Hawaii Real Estate Buyers Agents don’t know how to word a contract correctly in order for you to take advantage of this.

The bottom line is that you can get a credit from a Seller of a home in Hawaii or a credit from a developer of a new construction home in Hawaii and use it to pay off your consumer debt.   This can only be done with a Hawaii VA Loan and not other loan programs.  For example:  If you buy a $400,000 single family home on Oahuand the Seller credits you $15,000, you can use some of that money to pay off consumer debt in conjunction with your Hawaii VA Loanin addition to using the money to pay off your closing costs and prepaids.  In the past, Buyers that I have represented have paid off car loans, credit cards and student loans in conjunction with the purchase of their homes in Hawaii.

Call or email me if you would like any additional information.  To search the Oahu MLS for properties for sale on Oahu, visit my homepage at www.himre.com and click on the link to search for homes.  My website is linked directly into the Oahu MLS and you will see ALL properties for sale on Oahu.

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One Comment

  1. Jay Oku on the 29. Mar, 2012 remarked #

    Thats a good point David. Shoot we can pay off vehicles as well. A phenomenal loan for those that Serve our Country.

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