It’s always a little scary at the end of the calendar year when thinking about what the Government will do with regard to VA home loan benefits. While the median cost of a home seems to keep rising, the VA loan limits have not always done so; however, the loan limits for the State of Hawaii have remained constant for 2015. The following are the limits for the different counties:
- Honolulu County - $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.
BAH for service members stationed in Hawaii will also increase in 2015. This is welcomed news especially for those living off base, since many want to keep their housing payments at or below their BAH amount. This year’s increase is between 3% - 12% across pay grades and whether or not you have dependents. Check the below links for more information:
Why not use this military benefit to acquire an asset for your retirement instead of throwing it away by living on base or paying a landlord? Curious to see what your BAH can get you in terms of a home in Hawaii? Contact me or a VA loan specialist.