As we get to the end of another year a few things will change. One of them is the Basic Housing Allowance for our active duty troops stationed in Honolulu County (Island of Oahu). The rates had a slight decrease from the 2008 levels. Those who are already stationed here will be grandfathered in at the previous rate. BAH in Honolulu County is much higher than most parts of the country. Coupled with VA Mortgages, buying a home is a viable option for our troops in Hawaii.
2009 Military Housing Allowance Monthly BAH (Basic Allowance for Housing) for Honolulu County.
The VA mortgage cap for 100% financing in Honolulu County is: $783,750. (Larger amounts will require some down payment.)
|
RANK |
WITH DEPENDANTS |
WITHOUT DEPENDANTS |
|
RANK |
WITH DEPENDANTS |
WITHOUT DEPENDANTS |
|
E-1 |
$1,949 |
$1,555 |
|
W-4 |
$2,788 |
$2,306 |
|
E-2 |
$1,985 |
$1,555 |
|
W-5 |
$2,967 |
$2,434 |
|
E-3 |
$1,985 |
$1,555 |
|
O-1E |
$2,431 |
$2,043 |
|
E-4 |
$1,985 |
$1,555 |
|
O-2E |
$2,607 |
$2,144 |
|
E-5 |
$2,043 |
$1,757 |
|
O-3E |
$2,816 |
$2,274 |
|
E-6 |
$2,247 |
$1,868 |
|
O-1 |
$2,069 |
$1,855 |
|
E-7 |
$2,403 |
$1,955 |
|
O-2 |
$2,269 |
$2,011 |
|
E-8 |
$2,545 |
$2,088 |
|
O-3 |
$2,627 |
$2,191 |
|
E-9 |
$2,745 |
$2,160 |
|
O-4 |
$3,043 |
$2,416 |
|
W-1 |
$2,276 |
$1,913 |
|
O-5 |
$3,334 |
$2,502 |
|
W-2 |
$2,461 |
$2,087 |
|
O-6 |
$3,361 |
$2,633 |
|
W-3 |
$2,633 |
$2,167 |
|
O-7+ |
$3,401 |
$2,686 |
- E= enlisted
- W= warrant officers
- O-1E= officers with enlisted experience
- O-1= commissioned officers with no prior enlisted experience
If you are active duty or a former member of the military and interested in learning how to buy a home utilizing your VA benefits on Oahu; I would be pleased to help you get started.
If you are civilian and wondering what programs are available for you to buy your first home, please feel free to contact me.
My services are normally free to buyers.
--------------------------------------------------------------------------------------------------------
Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR
Century 21 Liberty Homes
Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers. His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.
Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) and the Leeward Regional Chairman of the Honolulu Board of Realtors. To improve overall professionalism in his area Randy also offers classes for real estate agents.
www.HawaiiRandy.com * Oahu (Honolulu County) Property Search * Hawaii Military Relocations
For most ranks the decrease was $50 or less.
I need to revise mine for next year :) Great info for inbound military :)
Brotha Randy,
Interesting figures....I really don't deal much with people in the military...my last one was about 2 yrs ago and he was a captain in the Navy but we never discussed any of this information as he was going to be relocated so it didn't effect it.
Also I'd like to send a Mele Kalikimaka to you and your family. Glad we finally met.
Sally - I can e-mail you my chart.
Neal - it was cool finally meeting in person.
Military and ex-military make up about 70% of my business.
Mele Kalikimaka!
Randy, that was so helpful. Is that good prices? I have no idea as everything in Hawaii seems to high. So from where I am sitting that looks pretty good.
Aloha Missy - The median price on our island is just about $600,000. I have not problem finding homes for military. Some may be looking at condos and others at single family homes.
I also deal with a fair number of retired and ex-military who qualify for VA.
Randy it is a good thing that they are Grandfathering those who are already receiving the higher amount, because it is never easy when you have to all of the sudden do with less.
I need to check this out closer in my area! Thanks for this post
They're decreasing their allowances? So is BAH for Bah Humbug or what?
George - That would be a problem for some, considering their mortgage or rent did not go down.
William - I will e-mail you the link to pull them up.
Patricia - The decrease was quite small. Considering the lower interest rates and soft prices in some areas, their buying power actually went up a fair amount.