VA Loan Rates Are Amazingly Low Right Now

Mortgage interest rates have been hovering at or below the 3% range in recent months and plenty of Hawaii residents and first-time homebuyers are taking advantage of this opportunity to save money. With PCS moves to O‘ahu now in full swing we spoke to Honolulu mortgage expert Meena Na to find out more about rates for active-duty military and veterans, specifically. “Rates on VA loans are amazingly low right now. We are seeing loans as low as 2.25%,” Meena told us.

Meena Na is a branch manager at Element Mortgage, a company that specializes in VA lending in Hawaii. For military families already living here and those PCSing to Hawaii in 2020, it’s important to know that the VA Loan Limit for the City and County of Honolulu is currently $765,600. Please note that while there is no upper loan limit on VA mortgages as of January 1, 2020 (assuming you have full VA loan entitlement), lenders may impose their own loan limits. Please check with your lender.

“Forty-percent of our Hawaii employees are veterans themselves, so we feel strongly about serving those who serve. So much so that we’ve made it a point to make sure our VA rates are among the very best in the nation,” said Meena. “I have always believed that the best way to show support for veterans in our line of work is by charging them less than our competitors.”

Meena and her team at Element Mortgage recently provided a quote to a veteran that was $12,000 cheaper than another lender they had been working with, according to Meena. With the 2020 PCS season extended this year until mid-November, it’s a great time for military families to make the leap and buy their first home or get a better rate on their existing Hawaii home.

“Our past VA borrowers are taking advantage of this to save a ton of money by refinancing in Hawaii,” says Meena. “The VA loan offers a streamlined refinance option that does not require an appraisal or much of the documentation required on conventional loans.”

Ewa Beach and the surrounding area are hotspots for active-duty service members due to the neighborhood’s proximity to O‘ahu’s military bases and the relative affordability compared to other parts of the island. For other popular O‘ahu neighborhoods for military families and for more information about VA loans, please check out these online resources or email Meena at

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