VA-approved condos, no down payment required
By Lisa Scontras
The VA Home Loan Guarantee program has guaranteed more than 20 million loans for American veterans — a total loan dollar volume of more than $1 trillion. Initially established for post-World War II veterans, the program continues to be a vital homeownership tool to provide military members with a centralized, affordable and accessible method of purchasing homes as a benefit for their service to our nation.
However, many veterans are discouraged by the price of paradise. They assume that Hawaii prices are too high to make homeowner-ship a reality.
But with VA Loan limits up to $726,525, in addition to single-family homes, there are also a number of cool VA-approved condos. Courtesy of the Honolulu Board of Realtors®, here is a sampling of what a veteran can buy with no money down:
Maili Cove: $349,000
87-561 Farrington Hwy., unit 109
Hawaii Homes International
Oceanfront, ocean views and known for the most spectacular island sunsets, this fully-furnished, one-bedroom, one-bath, one-parking ground-floor unit is steps from a landscaped pool/barbecue area, and fronts a sandy beach.
Ala Wai Palms: $358,000
2355 Ala Wai Blvd., unit 205
Green Realty Group
Featuring gorgeous views of palm trees and the Ala Wai Canal, this one-bedroom, one-bath, one-parking Waikiki condo is conveniently located. Nearby is the International Market Place, Food Pantry, restaurants and Waikiki Beach.
$405,000 1561 Pensacola St., unit 1405
Sakoda Realty LLC
Downtown friendly. Makiki Plaza is a gated community with a secured entry and a resident manager. The one-bedroom, one-bath, one-parking unit includes plantation-style shutters, a stacked washer and dryer, dishwasher and looks out to gorgeous city views.
$543,000 4300 Waialae Ave., B806
Family size. With 1,157 interior square feet, three bedrooms, two baths and one parking, this spacious end unit has a great floor-plan, an expansive lanai and a desirable location across the street from Kahala Mall. Building amenities include a swimming pool, security guard and cameras.
Yacht Harbor Towers: $560,000 1600 Ala Moana Blvd., unit 504 Locations
Wake up every morning to un-obstructed views of the ocean and Waikiki Yacht Club marina views, and come home to stunning sunsets. Steps away from Ala Moana Center, this fully furnished one-bedroom, one-bath, one-parking condo has secured parking, and central air conditioning.
Plaza Hawaii Kai:
$639,333 6770 Hawaii Kai Drive, unit 1102
Coldwell Banker Pacific Properties
The largest VA-approved condo on our list, this corner-end unit features 1,626 interior square feet, with two bedrooms, two baths and two parking, and gorgeous views of Hawaii Kai’s canals, Koko Head, Maunalua Bay and the ocean. Building amenities includes a fitness room.
Lalea @ Hawaii Kai 4:
$680,000 7182 Hawaii Kai Drive, unit 234
Built in 1999, Lalea is the newest condo building on our list, the only unit on the list that has a garage, and also comes with the lowest monthly maintenance fee — $372 per month. The two-bedroom, two-bath, two-parking unit is located in the heart of Hawaii Kai.
For more information, visit va.gov/housing-assistance/.