That question is better directed towards your loan officer first. He or she will be able to guide you on if the property itself falls under VA guidelines in regards to owner occupancy ratios, loan limits, condition, etc.
You have your choice of lenders, and if you are not currently working with a lender who does VA loans, I am happy to make a few recommendations for you. You may email me for their contact info.
I am including a link directly to the VA home loan web page, so that you can do more independent research. That way you'll have some excellent questions when you do decide on who you'll do business with.
I hope this is helpful for you!
Happy house hunting,
After checking the eligibility of the complex that you have asked about (Palehua Villas), yes you can use your VA benefits and purchase this property. This is assuming that you qualify for the VA loan of course. I would be more than happy to schedule a showing for you to see this property and a few others near by if you would like. I do most of my business on that side of the island and am very familiar with the area.
Please feel free to contact me with any questions that you may have.
Chris M.T. Bodden
The last sale in that complex for that size (887 SF) townhome was for about $50,000 less in July of last year. More recently, a smaller townhome (794 SF), sold for $205,000.
Give me a call at 808 723 0900. I am very familiar with the area. My Navy clients bought at Kai Nani and still own a townhome there. The first townhome I ever bought was at Makakilo Hale, right down the street from where you are looking.
We need to consider several things, such as your income. It's best to get prequalified with a mortgage broker. I know an excellent broker in Kapolei that can get you started. We should also tour the property as well as several other ones for sale, for comparison. There are 4 for sale now in this complex, we should try to look at all of them if possible.
To answer your question, yes, purchasing with a VA loan makes a lot of sense. Since your BAH is nontaxable, it really helps because you can deduct the mortgage interest on your taxes. Nice benefit there!
This complex is 20 years old. Depending on your income and size requirements, you may also want to consider Kai Nani or Makakilo Cliffs.
My number is 808 723 0900. Call any time. I am retired military and can help you with any type of loan or home on Oahu.
Frank Diaz (RA), MBA, e-PRO
I am a mortgage broker. If I can be of service, please let me know!
877-238-6324 Ext 704
If you have any questions, please feel free to contact me.
Apply Online: flagstarloans.com/lallison