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.
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.
These five steps are essential to the mortgage process. There are other steps, though. Read through our checklist for more information.
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.
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.
Searching Today's Rates...
Are you a mortgage or real estate professional?