Aloha, military service members! Here at Hawaii VA Loans, one of our goals is to be your go-to, trustworthy resource for information on home buying and the VA loan process. In order for us to achieve that, we think it is important to break it down for you. Not in dance moves, but in data, BAH style. We’ll leave the break dancing to you – for after you sign those closing papers.

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What can your BAH buy?

First, did you hear the recent news that Honolulu’s rental rates have risen 7.9%? There’s no better time to look at your BAH rate and see the real estate you could buy rather than paying another person’s mortgage!

What’s your vision of living in Hawaii? We often highlight single family homes in our BAH Breakdown blog series; however, this time in our search, we found a pair of excellent condos for sale that represent the kind of relaxing and comfortable living our hard working service members may desire here in Oahu.

Both condos are located in Pacifica Honolulu (a VA approved building) on Kapiolani Boulevard in the Kakaako neighborhood of Honolulu. This downtown location will give you a 15 minute commute to Fort Shafter and a 20 minute driving commute to both Joint Base Pearl Harbor-Hickam and Tripler Army Medical Center (even shorter without traffic) via H-1 W.

Note: You’ll also have an easy drive, bike, or walk to downtown shopping, dining, and the ocean of Ala Moana Beach Park.

Check out each residence below and then keep reading to see how the price of each property breaks down into monthly BAH rates.

Condo #1

  • two bed / two bath
  • views: panoramic mountain & city
  • price: $679,000

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Upgraded oak engineered wood floors, custom lighting, glass kitchen backsplash, and upgraded window shades add to the beauty of this residence.

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Condo #2

  • one bedroom / one bath
  • views: Diamond Head, ocean, & sunset
  • price: $630,000

Pacifica2-livingroom (640x424)Pacifica2-kitchen (623x412)

The Building

Now, let’s talk about what Pacifica Honolulu has to offer. What conveniences and amenities will be brought to your daily life if you choose to purchase a residence in this condominium?

Pacifica Honolulu (601x477)

Amenities:

  • infinity heated saltwater pool
  • whirlpool
  • fitness center & locker room
  • saunas & showers
  • two theatres
  • covered and open BBQ areas
  • fire pits
  • gated park & pet area
  • high-speed “smart” elevators

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Security:

  • 24-hour staff which serve as both security and limited concierge
  • video cameras
  • enterphone and fob activated entrances and elevators

Parking/Bike Storage:

  • 17 covered guest parking stalls which can be accessed from Kapiolani Blvd
  • bike storage for residents on each parking level

First Floor Dining:

Next, we’ll show you what you’ve been waiting for: the monthly payments and how they compare to your Base Allowance for Housing in Honolulu County.

The BAH Breakdown

Condo #1

Where: 1009 Kapiolani Boulevard 4102 Honolulu HI 96814
Bases nearby: Joint Base Pearl Harbor/Hickam – 9.2 miles; Fort Shafter – 5.7 miles; Tripler Army Medical Center – 6.1 miles
Points of Interest: Ala Moana Beach Park – 0.7 miles (approximate 15 minute walk); Airport – 6.6 miles (15 minute drive); Waikiki – 2.5 miles (10-15 minute drive)
Property type: Condo
Asking price: $679,000
Bedrooms: 2
Bathrooms: 2
Living Square Footage: 747
Schools: Kaahumanu Elementary School, Washington Middle School, McKinley High School

Rates

  •  Interest Rate: 3.625%
  • APR: 3.823%
  • Principle & Interest: $3,163.16
  • Taxes: $170
  • Insurance: $30
  • HOA: $548.00

Total Monthly Payment = $3,911.16

What BAH Rates Cover Condo #1’s Monthly Payment?

The 2015 BAH Rates support the ability for multiple active duty ranks to afford Condo #1 if purchased at its asking price.  For W-5 ($4,014), O-3E ($3,909), and O-4 ($4,062) and above (all with dependents), this property will be covered by your Base Allowance for Housing.

Note: The BAH rates for ranks E-8 ($3,600) to E-9 ($3,861), W-3 ($3,783) to W-4 ($3,888), O-2E ($3,732), and O-3 ($3,768) fall just under this monthly payment, but could still be affordable if factoring in a second income from a spouse or dependent.

Condo #2

Where: 1009 Kapiolani Boulevard 2209 Honolulu HI 96814
Bases nearby: Joint Base Pearl Harbor/Hickam – 9.2 miles; Fort Shafter – 5.7 miles; Tripler Army Medical Center – 6.1 miles
Points of Interest: Ala Moana Beach Park – 0.7 miles (approximate 15 minute walk); Airport – 6.6 miles (15 minute drive); Waikiki – 2.5 miles (10-15 minute drive)
Property type: Condo
Asking price: $630,000
Bedrooms: 1
Bathrooms: 1
Living Square Footage: 732
Schools: Kaahumanu Elementary School, Washington Middle School, McKinley High School

Rates

  • Interest Rate: 3.625%
  • APR: 3.823%
  • Principle & Interest: $2934.90
  • Tax & Insurance: $199.00
  • HOA fees: $535.00

Total Monthly Payment = $3,668.90

What BAH Rates Cover Condo #2’s Monthly Payment?

The 2015 BAH Rates support the ability for multiple active duty ranks to afford Condo #2 if purchased at its asking price.  For E-9, W-3 to W-5, O-2E to O-3E, and O-3 and above (all with dependents), this property will be covered by your Base Allowance for Housing.

Note: The BAH rates for E-8 ($3,600) and W-2 ($3,429) fall just under this estimated monthly payment, but could still be affordable if factoring in a second income from a spouse or dependent.

Would you like to find out if you qualify for a purchase price like the properties above? Fill out this online application or contact VA Loan Specialist, Janice “Jo” Akeo at 808-741-7123.

Keep checking back as we continue to post new BAH Breakdown examples from Hawaii’s real estate listings!