Borrowers in this beautiful south pacific island can now access FHA Mortgage Hawaii irrespective of their area of residence. From Honolulu to the outlying Kalawao, anyone interested in this product of the Federal Housing Administration can start right away.
FHA mortgage HI is one of three federal programs that reduce the loan-to-value (LTV) discrepancy. LTV is the amount up to which one will pay as the borrowed amount after subtracting the down payment. Here are the advantages with regard to this product:
- You will only pay 3.5 percent upfront deposit.
- The loan-to-value is 97%, unlike in conventional markets where it goes down to 80% due to money down of 20%.
In the FHA mortgage Hawaii scheme that extends to a period of 30 years, applicants usually remit an upfront premium of 1 percent. The advantages of this cover include the following:
- You have the option to roll it into the rest of the balance rather than pay for it out-of-pocket.
- It does not gain interest because it is a one-off payment.
No Loan Limit
Are you seeking a loan that does not attach a maximum amount that you can receive? Then you can count on our product. Essentially, FHA mortgage HI does not specify any limit up to which you can apply as long as you meet these county-based income stipulations:
- If you reside in Kalawao, which has the least Area Median Income (AMI) in the state, you ought to have gross earnings of 115% of $716250. The latter is the AMI or the yearly earnings for the collective county.
- The Honolulu area, on the other hand, requires applicants of FHA mortgage HI to have 115% of the AMI of $793750.
- Alternatively, you can qualify for the Direct Program that allows you to access the scheme at 50-80% of the AMI. This option is available to families in the low income bracket. This is any level of earnings that is below that of the area’s yearly average by less than an 80% margin.
Find a Certified Lender
There are two ways to locate a certified lender for FHA mortgage Hawaii:
- Select those who have certifications from the Housing Department (HUD) for having participated recently in the program.
- Go for those who offer a Good-Faith-Estimate (GFE), an estimation of their rates and compare the cheapest.
There are a range of advantages including low money down of 3.5 percent that accrue to FHA mortgage Hawaii.
What remains now is to apply through FHA Home Loan Group and we will lead you through pre-qualification in minutes. We will verify your income, provide a credit score from the three national agencies, if you do not have the details, and then help you gain approval from lenders.
Please call  202-4479