The Home Buyer's Korner

Information presented should be used for educational purposes only.

July 9th, 2015

Guy looking up in color

Emerging Markets Are In The Driver’s Seat

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At the MBA Emerging Market Conference recently held in Washington, D.C., Dr. Rick Roque talked about Mortgage Banking’s retail growth in emerging markets.  There is a $400 billion retail market that is under-served by most non-depository lenders. Case in point: there are 90 million potential millennial home buyers included in the emerging markets. 

Millennials of all ethnicities are getting jobs as the national economy continues to improve.  Some have gone straight into the work force from high school, some into the military and moved into the civilian work force and still others have completed higher levels of education.  They all have one thing in common; they need programs with low down payments.  A lot of these would be home buyers have established debt, which is usually a good thing.  The down side to debt is when it becomes a burden: student loans, cars and credit card debt can all add up.  No wonder they need low down payment programs! 

The often untold secret is most lenders have these low down payment programs, as well as programs to renovate homes with low down payments options like:

FHA 203K Home Renovation Loans;

FNMA HomeStyle Renovation Loans;

Even USDA offers a micro Home Renovation program.

Renovation loans allow new homeowners to stop creating additional debt at high credit card interest rates or drain their cash by having to repair roofs, HVAC and other costly maintenance or just updating that 1980’s homes that’s still has the same appliances.  

Local lenders are offering zero down payment programs such as USDA Rural Development Home Loans or VA Home Loans to active duty members, honorably discharged veterans and the spouses of those service members how made the ultimate sacrifice.

Many Millennials today, even qualify for various down payment assistance programs and other first time home buyer programs like the Mortgage Credit Certificate program that offers a substantial tax credit.

To learn more about the great programs, check out The Real Estate Book of Honolulu’s Google+ Community and click on any of the topics you find interesting and learn more about the many great opportunities awaiting Millennial home buyers. Then speak with a lender so you can stop paying rent and begin building equity.

Millennial home buyers going to help some companies grow while others are simply going to disappear if they aren’t ready to address the needs of millennial home buyers.  If you’re a local real estate agent, mortgage lending or renovation professional and would like to join us in making home ownership happen contact Stephen Doversola (RA) to learn more.

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FIND MORE FORECLOSURES IN & AROUND HONOLULU HI

HAWAII HOME OWNERSHIP TOOLS

Your Home Purchasing or Refinancing & Renovation Tools,

Home Improvements, Home Renovations,

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase.

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

To print this document click on “Open in New Window” located at the lower right corner;

click on “File”; then click on “Print”. In the center of the screen you will

have the option to “Create A Printable PDF of the Presentation”.

START YOUR PATH TO HOME OWNERSHIP TODAY

FHA County Loan Limits for 2015

Hawaii Counties One-Family Two-Family Three-Family Four-Family MSA
Hawaii County $368,000 $471,100 $569,450 $707,700 HILO, HI
Honolulu County $721,050 $923,050 $1,115,800 $1,386,650 URBAN HONOLULU, HI
Kalawao County $657,800 $842,100 $1,017,900 $1,265,000 KAHULUI-WAILUKU-LAHAINA, HI
Kauai County $713,000 $912,750 $1,103,350 $1,371,150 KAPAA, HI
Maui County $657,800 $842,100 $1,017,900 $1,265,000 KAHULUI-WAILUKU-LAHAINA, HI

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USDA Rural Development Income Limits & Eligible Areas

USDA Rural Development has set Income Eligibility Requirements but not loan limits. In Hawaii, there is an abundant amount of Eligible Areas that present opportunities for home ownership with 100% financing. Once you’ve found your dream home see if it’s eligible for the great program. It’s designed to give family an opportunity to secure a low interest mortgage in communities and census tract areas with populations of 35,000 or less.

 Fannie Mae/Freddie Mac Loan Limits for 2015

Find Our Network Throughout Honolulu County

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