This is our second installment of our segment, “What Can Your Housing Allowance Buy?”, in which we feature properties currently for sale and determine what pay rank in the military you need to be in order to have your housing allowance cover the the mortgage payments (with no down payment).
Today’s property is beautiful executive home that is listed roughly a $100,000 below the current tax assessed value ($694,200).
Ocean Pointe, Ewa Beach – $599,000
Land: 4,491 sqft
Interior Living Area: 2,131 sqft
Monthly Taxes: $200
MLS #: 2813378
Description: Short Sell. New Ocean Pointe executive home never lived in! Home has over $73k in upgrades through the developer including recessed plantation shutters, 16 & 20 inch ceramic tiles throughout, Corian Countertops, and best of all a detached 2 car garage with separate mother-in-law studio or guest suite/game room.
Monthly Payment Breakdown (100% Financing)
Interest Rate: 6.25% (6.676% APR)
Principle & Interest Payment (Includes VA Funding Fee of 2.15%): $3,688.15
Basic Housing Allowance Pay Rank
Since this loan amount is on the higher side, it is assumed that one’s housing allowance alone will not cover the entire payment and that some sort of secondary income (income from spouse) is needed to qualify for this loan amount. Below is a list of some of the pay ranks as well as the amount of additional income needed to cover the payments for this mortgage.
- E-6 ($2,412) + $1,276, W-3 ($2,804) + $884, O-4 ($3,124) +$564
- E-6 ($1,830) + $1,858, W-3 ($2,237) + $1,451, O-4 ($2,567) + $1,121
For more information about this property, contact the listing agent:
Arquette Properties, Inc.