It is amazing to me how many military members I meet who are considering renting versus buying in Hawaii. One of the many benefits of being in the military is having and being able to use your VA entitlement to purchase a home. The traditional cap for VA on Oahu is $726,525 — this is the maximum amount you can buy for on Oahu without spending one penny of your own money. The VA loan rates are currently sitting at some of the lowest rates in recorded history. There is no better time than now to use the benefit and buy a home on Oahu.
4 Bed/2.5 Bath Home in Ewa Beach
There is a great new listing MLS #201926428 in Ewa Beach listed for $849,ooo. This is a large 4 bedroom home with 2.5 baths boasting over 2100 interior sqft and a huge exterior lot at 6315 sqft. This is a fantastic street with ocean views and just blocks to the white sandy beach and ocean. This property has 25 owned solar panels on NEM metering offering huge savings for the owner. This home is near parks, trails, schools, shopping and all that Ewa Beach currently offers and has planned.
Using VA Benefits
On a home over $726,525 using your VA benefits the member-only has to be 25% of the difference. So with this home, the asking price is $849,000 the VA limit is $726,525, so the buyer has to pay 25% of the difference between the cap and the sales price. The cash difference is $122,475, and they only need to pay 25% of that amount or $30,618.75. So, in short, a VA buyer can buy a home in Ewa Beach listed for $849,000, and the out of pocket expense would be $30,618.75. If this was a conventional buyer, the expense generally is 20% down to avoid PMI or roughly $169,800. That is a staggering difference in the differences of cash needed on a conventional or VA loan.
Part of a Growing Community
The Ewa Beach and Ocean Pointe communities have steadily increased in value over the last several years. With new commercial construction, malls, shops, restaurants, schools, and more the area continues to see huge improvements happening daily. With so many large companies and developments betting on the area you can rest assured they have done their due diligence on the areas and the communities intended growth.