VA Loan Limits | Can You Buy A Million Dollar Home In Oahu, Hawaii?
Can You Buy A Million-Dollar Home?
Can you purchase a million-dollar home with NO DOWN PAYMENT using the VA loan? Hi, this is Fawn Bertram with Homes by Fawn and Hawaii Life Real Estate. Let’s take a look at this neighborhood in Ewa Beach, Oahu. Ewa Beach has a nice range of single-family homes and condos in all price ranges. BUT, all of the homes on this street are in the Jumbo price range, meaning if the owners were to sell today, they would sell for over the “conforming” limit on Oahu.
Starting January 1, 2020, veterans and active duty service members who are eligible to use their VA loan will no longer be required to put a down payment on homes in Hawaii. That would mean that those who are eligible to use the VA loan could purchase a home like the ones on this street for no down payment.
JUMBO Loan Program
This is really amazing as there are NO OTHER JUMBO loan programs that I know of that have a 0% down payment requirement. Of course, if you choose to do so, you can always bring in down payment, and we often see this when somebody has just sold another home and want to put the proceeds of the sale into their new home.
Remember, always get pre-approved before you go shopping for a home. If you are PCSing, a lender can help you get pre-approved before you even step foot in Hawaii. If you would like more information or have any questions for us, please reach out. We’d love to help. Fawn Bertram with Homes by Fawn. As always feel free to reach out to me for anything Community or Real Estate related. Stay tuned or visit my website or Youtube channel with more helpful tips on the home buying and selling process.