The Home Buyer's Korner

Information presented should be used for educational purposes only.

May 17th, 2015

Guy looking up in color

GREATER LAIE HAWAII

The Home Buyer’s Korner

Google+ RE Community

Google+ Mortgage Lender Community

Google+ General Contractor Communities

Hiring A General Contractor

cSelecting the right general contractor is often a vital part of your home search. If you’re shopping includes older homes start looking early, sooner or later you’re probably going to want to know a good one.

Hiring the right general contractor can make all the difference to a successful Home Renovation Loans like the FHA 203K or the Fannie Mae (FNMA) HomeStyle program, even USDA Rural Development Home Loan can include up to $10,000 for home improvements.

And, let’s not forget about the FHA One Time Close or USDA’s newly created Construction to Perm financing to help rural and semi-suburban areas to create a robust new home market for both brick and mortar, stick built, manufactured and modular homes.  

Starting your selection and bidding process should begin by searching for general contractors that are experienced with home ownership mortgage loan programs mentioned above, along with references that backs their work up.

If you’re thinking about manufactured or modular home ask the general contractor or home retail dealer about the FHA One Time Close or the USDA Construction to Perm Home Loans; you’ll find them both quite attractive. Working with General Contractors or Manufactured and Modular Home Retail Dealers who are members of our network are the real pros locally in the home industry. As an FHA or USDA approved lender, FHA and RHS looks to them to approve any work completed by general contractors and are properly licensed, trained and insured, so you can feel a little more assured you are working with a group of professionals to assist you in creating a wonderful home purchasing experience.

An experienced FHA or USDA construction lender will have a well-established process for releasing funds to your general contractor when the time comes. The process can differ from program to program and lender to lender, while some may fund a substantial amount of your project at closing, others rely on your general contractor to have appropriate lines of credit to begin the work. After you find out your lenders and general contractors funding policy you can better explore your funding needs and ensure everyone is on track.

ChecksFunding your new home construction or renovation project is probably the single most important question that home buyers and real estate agents fail to ask. Don’t be one of them! Who’s managing your draws impacts the time that it takes to receive your funds. Some lenders will provide a check and closing, issue a check within several day of closing, while others contract out their draw system and that can take up to 30 days or more to get started, so be sure to know what your lender can officer and if it works for the general contractor you’ve selected.

Many general contractors don’t look forward to lengthy delays to get paid and some simply don’t have a line of credit to take on a large project. When you’re ready to discuss your financing needs, be sure to bring up your lender’s funding policy and ensure it’s not an issue overlooked. 

As various stages of work is completed your lender has a licensed property inspector inspect your home to ensure all construction or renovation work is completed and then releases additional funds to complete the next stage of your project. 

Once your general contractor’s work has been inspected by a licensed property inspectors, you’ll want to send your inspection paperwork.   

HUD Exhibit

Generally, 10 percent of each draw will be held back until your construction or renovation work is completed and your general contractor is ready for a final inspection. At that time, you’ll want to submit your final draw request and any settle and hold-back agreements between you and your general contractor.

Lenders also set up contingency reserves as a built-in buffer, just in case you have any cost overruns and build it into your total loan amount. Generally 10%-20% of the repair cost are set aside to cover any cost overruns with your construction or renovation project. Once they’ve disbursed your last draw, they’ll review your account to see if any reserves remain and credit your mortgage balance. Do yourself a favor and work with your general contractor to stay on budget!

Nola Rehab Project

HOMES FOR SALE LISTINGS

Livingston Homes for Sale

FIND HOMES THROUGHOUT LAIE HAWAII

HUD FORECLOSED HOMES IN & AROUND THE GREATER LAIE HI AREA

USDA FORECLOSED HOMES IN & AROUND THE GREATER LAIE HI AREA

FNMA HOMEPATH FORECLOSED HOMES IN & AROUND LAIE HI

FIND MORE FORECLOSURES IN & AROUND LAIE 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

FNMA HomeStyle FNMA My Community Mortgage FHA One-Time Close Construction Portfolio or VA home loan Homes for Sale REO Short Sales FNMA HomePath Properties HUD Homes USDA Homes Condominiums Co-OpsTownhomes Manufactured Homes Modular Homes Mobile Homes Log Homes Second Homes Investment Property 2-4 Family Custom Home Builders Custom Built Homes Luxury Homes General Contractors Home Improvement Experts Kitchen & Bathroom Renovations Real Estate Brokers & Agents Mortgage Lenders Federal Credit Unions Community Bankers Real Estate Listings Laie Haleiwa Hauula Kaaawa Kahana Kapaeloa Kawailoa Beach Kawela Bay Kahuku Kamooloa Kapaeloa Marconi Mokuleia Mokuleia Beach Colony Punaluu Pupukea Ranch Camp Sunset Beach Thompson Corner Waialua Halekauwila St Olomana Ln Vineyard Blvd Cooke St LAUHALA ST Lauhala St Laukoa Pl Laola Pl Curtis St Kalamaku St Ahui St Lauoha Pl Queen Emma St Bishop St Bishop St Queen St Kalili Pl Anianiku St Funchal St King St Nonanona Pl Boyd Ln Prospect St San Antonio Ave Namilimili St Namokueha St Kaloko Ln Queen St KEALANANE AVE KEKUILANI VLG Tantalus Dr Akaka Ln Lunalilo St Kamalalehua Pl Lunalilo St Kamamalu Ave KAMANI ST SCHOOL ST Queen Emma St South St Kuakini St Kukui St Azores St Kinalau Pl Aaliamanu Pl Kinau St Kinau St MAGELLAN AVE Magellan Ave Bishop St Kuakini St Haalelea Pl Keawe St Queen St Pakohana St Hookui St Lusitana St Kanealii Ave St Mauka South St Lusitana St LUSITANA ST MILLER ST Star Rd Richards St Prospect St Kaola Way Alakea St Pohukaina St Kapahu St Naone St Queen St KAPALOALA PL Kapaloala Pl Kapalu St Tantalus Dr Kapiolani Blvd Pali Hwy KAPULEI ST Pauoa Rd SCHOOL AUWAIOLIMU ST Pacific Heights Rd BOOTH RD MAKAAOU ST KAM HWY LELEULA PL WAIHOLE VALLEY RD WAIKUPANANHA ST COMM PARK KAM HWY KAMAAHA Waimalu Valley Rd Whiting St KAUMUALII HWY STREAM KIAHUNA PLTN RD KUHIO HWY King St KEAUNUI DR Spencer St LANILOA RD Ukuwai St Captain Cook Ave Beretania St ALAPAI ST Alapai St GOLF COURSE TEE PROPANE TANK SITE Kekuanoni Pl Kekuanoni St Richards St MOKUHANO Hiolani Pl Wailani Rd Curtis St Haweo Pl Miller St Concordia St Waimanu St Ohai Ln Kapiolani Blvd Ohelo Ln Frear St Iolani Ave Manele St Koalele St Merchant St Pacific Hts Rd Haili Rd Iaukea St Bush Ln Bishop St Hiilani St Hiilawe St Harbor Court Queen St Madeira St Uhini Pl School St Barron Ln ALA MOANA BLVD Pacific Heights Pl Pacific Heights Rd Pacific Heights Rd Aaliamanu Pl Andrews Ln LADD LN Kolonahe Pl Vineyard St Cottage Walk Beretania St Huali St NAMAHOE Huanu St BEACH RESERVE HALEKAUWILA ST St Makai Laniloa Rd Laniloa Rd Emerson St Auwaiolimu St Ahekolo St Polulani Pl Queen St Freeland Pl Lae St Puna Ln Milo Ln Punchbowl St S Kukui St Von Hamm Pl Booth Rd Puowaina Dr PUOWAINA ST Bethel St Kauhane St Kauila St Booth Rd Green St Liko Ln Kaululaau St MOREIRA ST Moreira St Leilehua Ln Nehe Ln Kaia St Kawaena Pl Pacific Heights Rd ANIANIKU ST AUWAIOLIMU ST AUWAIOLIMU DR PAUOA RD PAUOA STRM Naale St BISHOP KRAUSS ST Krauss St BARBERS POINT NAS FARRINGTON HWY Pele St Keopua St KAIAKA ST PIKAI ST Pikai St Kawailoa Dr POAMOHO KAIKA PL Hoalike Rd HOALUA ST WANA PL Kawoa Pl Kawoa Way Kawowo Pl Kawowo Rd Makana Rd MAKANALE ST SMILEY PL Tutu St Kawoa Way Waialua Beach Rd PUKEA RD Kahauola St Mamao Pl Mamao St MAIKA PL Maika Way NAPOONALA PL KE WAENA RD Ikuwai Pl Ikuwai Way Wilinau Rd Wilinau Rd Tutu St Makanale St HAKUOLA RD Waialua Beach Rd Kilioe Pl Joseph P Leong Hwy Pupukea Rd KUMUPALI RD Haleiwa Rd AKANOHO PL Akanoho Pl AWAI LN Tutu Pl KUPAOA PL ILIOHU WAY Iliohu Pl Iliohu Way Waialua Beach Rd POHAKU LOA WAY Pohaku Loa Way Waka Rd NIUULA RD AMARA RD KAMEHAMEHA HWY Iwia Pl MAHAULU LN Holawa St Ke Nui Rd Makana Rd Alapio Rd Ke Iki Rd KE NUI RD Ke Nui Rd Ke Waena Rd OOPUOLA ST PAHOE RD AUKAI LN Aukauka Pl Aukauka Rd Opae Rd KAPUAI PL HALEIWA RD HALEIWA LOOP HALEIWA RD KAPUHI PL KAPUHI ST Keahipaka Ln Keahipaka Ln ALAPII ST ALAPIO Alapio Pl Alapio Rd HOLAWA PL HOLAWA ST Maulukua Pl Maulukua Rd KEWALO LN Lokoea Pl Pupukea Rd Punalau Pl HOLAWA ST KAIKA RIV KAMEHAMEHA HWY KAMEHAMEHA HWY Kamehameha Hwy KE NUI ROAD RD KEIKI PL PIKAI ST ALAPIO RD WAIALUA BEACH RD WAIALUA BEACH RD Amaumau Pl KAM KAM HWY EMERSON Achiu Ln WALIKANAHELE Walikanahele Rd PAUMALU PL Papailoa Rd HUELO ST PUULA RD PAALAA RD Paalaa Rd WEHIWA Wehiwa Pl Wehiwa Way KAMEHAMEHA KAHAE RD Naoiwi Ln Kamehameha Hwy Pupukea Rd Pupukea Pl Pupukea Rd Pupukea Rd KAHAUOLA ST Kamehameha Hwy Hoalua St MAKANALE ST Nalimu Rd Kaika Pl Kaika Pl Kaunala Pl Kaunala St Kanalani Pl Anahulu Pl Kanalani Pl Kanalani Pl EMERSON RD Maunuunu Pl Huehu Pl Huehu St Peawini Pl Kiu Pl Honokawela Dr LALO KUILIMA WAY Kamehameha Hwy Keawemauhili Pl Pualalea Pl Pualalea St PUALALEA WAY LALO KUILIMA WAY LALO KUILIMA WAY LALO KUILIMA WAY LALO KUILIMA WAY Kekauoha St Kuilima Dr Kuilima Dr Kuilima Dr Kuilima Loop Kamehameha LALO KUILIMA WAY LALO KUILIMA WAY Punaulua Pl Kuilima Dr Leleuli Pl Leleuli St Lalo Kuilima Pl Lalo Kuilima Way KAM HWY KAM HWY Pahelehala Loop PAHIPAHIALUA PL Pahipahialua St Makaiau Pl Puuluana Pl Alapa Pl Kuilima Drive ELEKU KUILIMA PLACE Kamehameha Hwy KAMEHAMEHA HWY Kamehameha Hwy Kuilima Dr Kahana St Olauniu Pl Above Turtle Bay Kamehameha Hwy Kuilima NANILOA LOOP Pakelo Pl NANILOA LOOP NAUPAKA ST NAUPAKA ST WAHINEPEE ST KAMEHAMEHA HWY HAUULA NANILOA LOOP Kamehameha Hwy ANEMOKU ST Moana St KULANUI LN KULANUI ST Naupaka St KAM HWY Puuahi St Lanihuli Pl LANIHULI ST POOHAILI Poohaili St PALEKANA ST Iosepa St IOSEPA ST HALE LAA BLVD KAMEHAMEHA HWY Loala St

Join us at Real Estate Social

Comments are closed.