Using VA above the conforming limit

Did you know that VA will allow you buy above the conforming limit of $625,500?

I was just told yesterday that you can buy a house over that amount, if you have 25% down on the amount over the limit. So if you are buying a house in Kailua for $700k, you just have to have 25% of the $74,500 by which you have exceeded the limit. In this case it would be $18,625.

Of course you'll have closing costs on top of that, so it's not quite as easy as the zero down VA loan which so many military families love. But if you want to live in one of the more expensive areas like Windward Oahu and Hawaii Kai, this option may be the best thing for you.

Usually, military families buy homes in cheaper areas like Mililani, Waikele, Royal Kunia, Kapolei, and Ewa Beach. But some of the higher ranking guys get a very nice housing allowance, which means they can afford the payment on a great house in either East Oahu or the Windward side. In that case, I would recommend either talking with Navy Federal credit union about their Veteran's Advantage program, or using the VA jumbo loan.

In places like Royal Kunia and Mililani, houses can be well over the VA loan limit, so having alternatives is important. A nice house in Mililani these days is running right around the $650k mark and looks like this.