The Home Buyer's Korner

Information presented should be used for educational purposes only.

May 30th, 2015

Guy looking up in color

GREATER AIEA/WAIMALU 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

VISIT OUR GREATER AIEA/WAIMALU AREA

HOMES FOR SALE LISTINGS

Livingston Homes for Sale

FIND HOMES THROUGHOUT AIEA/WAIMULA HAWAII

HUD FORECLOSED HOMES IN & AROUND THE GREATER AIEA/WAIMULA HI AREA

USDA FORECLOSED HOMES IN & AROUND THE GREATER AIEA/WAIMULA HI AREA

FNMA HOMEPATH FORECLOSED HOMES IN & AROUND AIEA/WAIMULA HI

FIND MORE FORECLOSURES IN & AROUND WAIMULA 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 Jumbo Investor Hard Money HARP HECM Equity Zero 3% 3.5% Portfolio Non-Warrantable Down Payment Assistance 96701 Aiea Heights Halawa Halawa Heights Halawa Valley Koauka Loop Pearl Ridge Waimalu Honohina Pl Honohina St Honohono St KAM HWY Poaha Pl Honomanu St Koauka Loop Kam Hwy KAMEHAMEHA HWY Maohu Pl Moanalua Rd Hoohalawai Pl Haaheo Pl Hoolauae St Pohue Pl Pohue St Pohuli St Moanalua Rd Mikalemi St Papalealii St Kanuku Pl Kanuku St Mikinolia Pl Mikioi Pl Kaokoa Pl Hukaa St Kaonohi Pl Kaonohi St Kapahulani Pl Auhau Pl Aumakiki Loop Aumakiki Pl Kapukapu Pl Aupunimoi Pl Hulumanu St Koauka Loop Uahi Pl Uahi St Ualo St Uao Pl Poko Pl Poko Rd Uhaloa St Ualo St Hapaki St Koauka Loop  Uwau Dr Kiawe St Olena Pl Olena St Koauka Loop Koauka St Olepe Loop Anounou Pl Ulu St Ululaau Pl Ulune Pl Ulune St A Kekoa Pl Alia Pl Hailimanu Pl Hapuku St Hapuu St Eke Pl AIEA STRM Iwaiwa St NAPUAHANI RD Kohomua St MOANALUA RD Koauka Loop Pali Momi St Hakina St Halakea St HALAWA HEIGHTS RD Halawa Dr HALAWA DR Halawa Heights Rd HALAWA HTS Welelau Pl Chester Way Kealaluina Dr Aliipoe Dr KOMO MAI Komo Mai Dr Hale Momi Pl Lipoa Pl Lania Pl LANIA WAY Maki St Moanalua Rd Lanikuakaa St Malae Pl Wilou St Moanalua Rd Leialii St Laelua Pl Moanalua Rd Ewelani St Wiliko St Oliwa St LII IPO ST Leihulu Pl Aiea Hts Dr KAUHALE ST Kaulahao St Kaulainahee Pl Naalii Pl Naalii St KAUPILI PL KAUPILI PL Olopana St Aheahe St Neki St Fernridge Pl Aiea Heights Dr AIEA HTS Aiea Kai Pl Aiea Kai Way Aiealani Pl Pahemo Pl Pahemo St Pahiolo St Nahele Pl Nahele St Nahiolea St Leke Pl Kaahumanu St Kaonohi St Kaonohi St Kaonohi St Inea Pl Iho Pl Ainanui Loop Kaahumanu St Kaonohi St Paihi St Komo Mai Dr Nakui Pl Lulu Pl Lulu St Kiawe St Iho Pl Lilia Pl Iho Pl Kaahumanu St Lilikoi Pl NALOPAKA PL Kaonohi St Komo Mai Dr Kaahumanu St Iho Pl Kaahumanu St IWAENA ST Iwaiwa Pl Iwaiwa St IWAIWA WAY Kaonohi St Komo Mai Dr Kaonohi St Iho Pl Kaahumanu St Kaonohi St Komo Mai Dr Kealakaha Dr KEALAKAHA RD KEALALUINA Kealaluina Dr Kaahumanu St Keanae St Kaahumanu St KIHALE PL Keapua Pl PLANTING STRIP Kaahumanu St MOANALUA RD HALAWA HEIGHTS RD NAPUAHANI RD OLOPANA Kilinoe St Kaahumanu St Iho Pl Analio Pl Pakalana St Apala Loop Pakonane Pl WAOALA Waoala Pl Apelekoka St Lupea St Palaialii Pl Kuawa St Piki Pl Piki St Piku Pl Piku Way PALAIALII PL Palaialii Way Heleconia LAKA PL Kuhao Pl Pono St Ponohale St Ponohana Loop Ponohana Pl PONOKAULIKE PL Ponokaulike St Ponokiwila Pl Ponokiwila St Akaaka St Akaaka St Kuini St Malualua Pl Malualua St Paleo Way Nanu Pl Holo Pl Holoai St Kulawai Pl Kulawai St Kulawea Pl Kulawea St Kulea Pl Pilikoa St Holopuni St Kulina St Keanae St KINOOLE PL KUPONO PL Kupukupu Pl Kupukupu St Kupuwao Pl POOHOLUA Pooholua Dr MANAKO Manako Pl Manako St Waiakea Pl Poopaa Pl Napuanani Rd Wailana Pl Onikiniki Pl Onikiniki Way Upapalu Dr UPAPALU ST Keikialii St Kipaepae St Kipikua St Puaalii St Moanalua Rd Moanalua Loop Moanalua Rd WAIPAO WAIPAO PL Leomanu Pl Uao Pl Koauka loop Koauka Loop KEKOA Kekoa Pl Iho Pl Ohaiula Pl Ohapueo Pl Aloalii St Puaalii Pl Puaalii St PUAALII WAY PUAANUHE ST Puaapiki St PUAHAU PL Puahoku Pl PUAILIMA ST PUAILIMA PL Puailima St Puakala St Puakika Pl PUAKUKUI PL Pualaa St Ohekani Loop Ohekani Pl Ohelopapa Pl Ohenana Loop Ohenana Pl PUAOLE PL Puawa Pl Ohiakea St OHIAKU ST Alolua St Ohialomi Pl Heen Way Alania St Kiawe St Oa St Iho Pl Ohiaku Street SALT LAKE BLVD Mahiko Pl Lalani St Lalawai Dr Mahipua St Opukea St Kihale Pl KIHALE ST Ipu Pl Ipuala Loop Ipuala Pl Kihewa Pl Kikala St Hoala St Hoapono Pl Hekaha St Puliki Pl Hele Mauna Pl Mahola Pl Heleconia Pl Meaala St Puluniu Loop Hiliu Pl Popolo Pl Kileka Pl Kilepa Pl Kilihe Way Kilihea Way Kilika Pl KILINOE ST Kiliohu Loop Kilipohe St Huakanu Pl Huakanu St Iho Place Naukewai Pl Lohea Pl Kaahele Pl KAAHELE ST Kaahumanu St Kaakau Pl Kaalo St KAAMILO PL Kaamilo St Kahaea Pl Lokowai Pl LOKOWAI ST Kahapili St Kahema Pl KAHILINAI Kahilinai Pl Kaonohi St IEIE PL Kaholi Pl KAHUA PL Auamo St Nohoalii St Nohoaupuni Pl Nohua Pl Iho Pl Iini Way Kaimakani St Kaimu Loop Palula Way Lauhulu St Laulima St LAUOLE Lauole St ILIEE ST Iliee Pl ILIEE ST Kalaloa St Kalamoho Pl STREAM Kaahumanu St Kalawina Pl Hoio Pl Hoio St Pamoho Pl Hokea St HOKIO PL Kalike Pl Puumakani St Kaonohi St

Join us at Real Estate Social

Comments are closed.