While the median cost of a home ($746,000 in July 2016) and condo ($400,000) seems to keep rising, the VA loan limits have not always done so. Fortunately for 2016, the loan limits for the State of Hawaii have remained constant.
The following are the limits for the different counties:
- Honolulu County: $721,050
- Honolulu: $721,050
- Kauai: $713,000
- Maui, Lanai, Molokai: $657,800
- Hawaii Island: $625,500
Keep in mind that while these are the caps for 100% financing, you can also buy a more expensive home with a VA jumbo loan if you have some funds for a down payment.
Although BAH for service members PCSing to Hawaii were lowered this year, it is still considered high compared to most of the US duty stations. For those who are already stationed in Hawaii, their BAH is unaffected – more reason to consider buying.
Click on this link for the BAH rate calculator.
Why not use this wonderful military benefit to acquire an asset for your retirement vs. throwing it away by living on base or paying the mortgage for your landlord? Curious to see what your BAH can get you in terms of a home in Hawaii? Contact me or a VA loan specialist.