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Securing a First Time Home Buyer Loan in Hawaii

If you’re a first time homebuyer in Hawaii, you’re taking a significant step toward a secure financial future by purchasing a home in a state with strong property values.  But finding the right loan for your home purchase can be difficult and even confusing at times.  Our goal is to help you identify the mortgage you need without any stress or confusion.

Hawaii First Time Home Buyer Information

The most important part of finding the right loan is simply understanding how the financing process works and what you need to do to get through it successfully.  We’ve put together a first time home buyer checklist that does just that.  It outlines all of the major, crucial steps involved in the process and tells you how to complete them.  The five most important steps are listed here.

  • Know your financial needs and goals.  How much money can you afford to borrow?  What type of home do you need to purchase, and what do similar homes cost in your area?  Know this information before you decide to buy.
  • Research the loan types that are available to you.  Mortgages come in many flavors, and no two mortgage types are the same.  They all serve different functions.  Find out what each loan type offers you.  One of the most financially beneficial loan types available to first time home buyers is the FHA mortgage loan.  You can read more about this below.
  • Make sure you have good credit.  If you don’t have good credit, get it repaired before you try to take out a loan.  You won’t get a good interest rate if you have low ore bad credit.
  • Find the lender who offers the best mortgage rates.  The only way to know that you’re getting the best mortgage rate is to compare rates offered by multiple lenders in your area.  Ask them what rates they offer and whether these rates are available to all borrowers or only to the best clients.
  • Get preapproved.  You should always try to get preapproved for your mortgage before you approach a seller to buy a home.  Sellers will take you more seriously and you’ll have the assurance that the money you need will come through when you need it.

These five steps are essential to the mortgage process.  There are other steps, though.  Read through our checklist for more information.

1st Time Home Buyer Loan Programs

The Hawaii FHA loan, mentioned above, is one of the best loans available to first time home buyers.  FHA loans are specialized and uniquely designed to help buyers who don’t have strong credit history or high cash reserves purchase homes and remain in them long term.  The Federal Housing Administration insures the loans.

Don’t have a lot of money for a down payment?  Don’t worry.  FHA loans require just 3.5% of the purchase price to be paid at closing, far below the 20% typically required for most loan types.  You don’t have to prove high income or credit.  Private mortgage insurance is required, and you’ll need to make sure your loan amount fits within the limits of the FHA program in your area.  Check Hawaii FHA loan limits before you apply.

For more information, visit the Hawaii page of the FHA’s website.

About Hawaii

Hawaii is made up of 8 islands. It is home to some of the wealthiest individuals in the nation and is famous for its beautiful weather and sandy beaches.  The homeownership rate in the archipelago is 56.5% and the median home price is $272,700, the highest median home prices in the nation.  If you’re a first time home buyer in Hawaii, the best way to bring your costs down is to take the time to find the best loan.

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