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Relocating to the islands of Hawaii can be an exciting time for mainlanders, and the experience is sure to be full of many surprises and challenges.
Those who have lived in Honolulu for a while know that finding affordable housing can sometimes prove one of the few challenges of living on the island of Oahu. However, by utilizing VA Loan benefits, many have discovered that homeownership is attainable.
For those new to Hawaii, learning what to expect is the key to making the best decision regarding home options.
The six-island paradise of Hawaii has long been and continues to be one of the most spectacular places in the world. The lush, tropical environment beckons visitors worldwide to come, taste and see what residents of Hawaii experience all year long. Even though Hawaii is most noted for its appeal to tourists, almost 1.3 million people call it home.
The extraordinary landscape of Hawaii, marked by volcanoes, tropical forests and heavenly beaches, provides unlimited recreational opportunities to its residents. Temperatures that hover around 80 degrees last all year long, giving Hawaiians little reason to leave home for vacation.
Filling out our online form puts you in touch with a VA loan expert who specializes in Hawaii VA loans. You'll also be on your way to talking with real estate agents.
Along with the beautiful weather, those relocating to Hawaii will discover that the “aloha spirit “ is a highly influential cultural element. Attitudes of love, peace, affection and compassion tend to relax the hectic pace of daily life for islanders. The ethnic diversity found in the people of Hawaii speaks volumes about their genuine, welcoming nature. Despite the large population of the Island of Oahu, residents there boast a warm community atmosphere..
The island of Oahu is also home to eight military bases. The most well-known base is Pearl Harbor, noted for the attack that happened there in 1941 that brought the United States into WWII.
Today, the base is known as Pearl Harbor-Hickam, a joint base for the U.S. Navy and Air Force with a total population of about 34,000. Marine Corp Base Hawaii in Kaneohe Bay is also home to more than 16,000 military personnel, family and civilian employees. Wheeler Army Airfield, Schofield Barracks, Fort Shafter Army Bases and Barbers Point Coast Guard Air Station also operate in Hawaii. All these operations account for more than 3.5 percent of Hawaii’s total population. This large military presence is not only good for the Hawaiian economy, but it’s also strategically crucial to national security and stability in the Asian Pacific.
Newcomers to Hawaii should be prepared for a different housing market than that of the mainland. Honolulu’s cost of living can be an adjustment as well. Smaller homes, apartments and condominiums are some of the best options for affordable housing.
Obtaining preapproval for a loan in Hawaii can be helpful to home shoppers. Buyers can gain a clearer estimate of what their mortgage payments will look like, and also reassures sellers of their commitment to finance a home purchase; a valuable card to play in a competitive housing market.
Due to the high housing expenses, the VA loan limit in Honolulu County (which encompasses all of Oahu) is set at $741,000 and is $625,000 in all other areas on the islands of Hawaii. While median home prices are currently around $570,000, multi-unit housing (condominiums) prices are more affordable and hit around the $300,000 price range; they are a popular choice for home buyers in the Honolulu area. However, multi-unit housing has to be approved by the Veterans Administration in order to be eligible for a VA Loan.
Using your VA Loan benefits in the Hawaii housing market can be a little more complicated if you opt to purchase multi-unit housing. VAMortgageCenter can help answer any questions you have about your property options. Our team of VA Loan experts in the Honolulu area are experienced with these loans and are ready to walk you through the entire process.
Connect with VAMortgageCenter in Hawaii today and make your dreams of owning a piece of paradise a reality.