Hawaii VA Field Note — September 2026: Departing-Residence Rules, Hale Kamaʻāina at CMG, Condo Reviews, and Seven New Answer Pages
The monthly field note for Hawaii VA and military buyers: what changed in September 2026 — Fannie Mae's departing-residence rule (VA's unchanged), CMG's Hale Kamaʻāina approval, condo review changes, COLA in qualifying — and what is coming next. No rate quotes.
By Jay Miller — NMLS #657301 · Branch NMLS #2475890 · CMG Home Loans, Honolulu · U.S. Army veteran · author of Zero Down in Paradise · Updated September 14, 2026
Hawaii VA Field Note — September 2026
What changed for Hawaii VA and military buyers this month, in one page: Fannie Mae rewrote the departing-residence rule (VA's own rule did not change), CMG Home Loans became an approved lender for HHFDC's Hale Kamaʻāina program, Fannie Mae's full-project condo review is now in effect while VA condo approval is unaffected, and RealityCents published seven answer-first VA pages. This is the first of a monthly series: dated, specific, and free of rate quotes, so you can rely on it the way you would a good loan officer's Monday email.
1. Fannie Mae's departing-residence rule changed on September 2 — VA's did not
If a conventional buyer keeps their current home as a rental when they buy the next one, Fannie Mae no longer allows a lease to document the rent; the lender uses market-rent comps, takes 75%, and offsets the departing PITIA. It is optional now and mandatory for applications dated November 1, 2026 or later. The full breakdown with a Mililani example is in Fannie Mae's new departing-residence rules for Hawaii move-up buyers.
The VA angle: this is a Fannie Mae conventional change. VA's treatment of rental income on a departing residence did not change with the announcement. For a VA-eligible owner, the more common Hawaii move is keeping the first home and buying again with remaining entitlement — see the second VA loan strategy and the VA Remaining Eligibility Calculator.
2. CMG Home Loans is now an approved Hale Kamaʻāina lender
HHFDC's below-market first-time-buyer program can now be originated through this office. It is a first-time-buyer program with income and price limits, and a VA-eligible first-time buyer can pair the program's rate with VA financing. Posted rates reset with each bond issuance, so they are not quoted here; the current posting and the eligibility tables are in the Hale Kamaʻāina program guide. One clarification that came up repeatedly this month: the program's 9-year rule means the home must stay owner-occupied, but the buyer can sell at any time.
3. Condo reviews: Fannie Mae tightened, VA did not
Since August 3, every conventional condo loan requires a full project review, and reserve requirements rise again in January 2027. VA project approval is a separate list run by a separate reviewer, and it did not change. A building can be VA-approved and non-warrantable, or the reverse. Check the VA-Approved Condos Oahu directory before writing an offer, and read VA condo approval vs. warrantability if the building is not listed.
4. Three procedural reminders from this month's files
- COLA counts. At CMG Home Loans, Hawaii COLA is counted in full in qualifying income, with no request for evidence that it will continue. Not every lender does this; if a pre-approval elsewhere came in short, that is a question worth asking. Details: does BAH count for a VA loan in Hawaii?
- The PC-9 has a clock. Hawaii's termite inspection is a VA requirement with a validity window. Order it once the contract is signed, not the week of closing.
- Send the condo address before the offer. Lender-submitted VA approval fits inside a 45-day escrow, but only if it starts on day one.
5. New this month on RealityCents
Seven answer-first VA pages went live on September 14, each opening with the direct answer and the Hawaii numbers: VA loan limits for 2026, does BAH count?, the VA funding fee, VA vs. conventional, condo approval vs. warrantability, the IRRRL, and how to choose a Hawaii VA lender. The complete VA loans in Hawaii guide was rewritten around them.
Looking ahead
FHFA typically announces the next year's conforming loan limits in late November; when the 2027 figures publish, the county-limit page and the eligibility calculator will be updated the same week. The October field note will cover whatever changes between now and then, plus lessons from October closings.
Previous field notes: this is the first. Next: October 2026.
Jay Miller · NMLS #657301 · Branch NMLS #2475890 · CMG Home Loans, Honolulu · U.S. Army veteran · author of Zero Down in Paradise: The Hawaii VA Loan Playbook for Military Homebuyers (ISBN 979-8-9963553-0-3, Amazon). About Jay · NMLS Consumer Access.
Equal Housing Lender. Educational content only — not a commitment to lend and not an offer of credit; approvals are not guaranteed. A $0-down VA purchase requires VA eligibility, sufficient entitlement, and lender approval. Program rules, fees, and limits change; verify current figures with VA.gov and FHFA.
Last Updated: September 14, 2026