FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. They are available on 1-4 unit properties.
What is the purpose of this program?
They provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.
What are the eligibility requirements?
The borrower must meet standard FHA credit qualifications.
The borrower is eligible for approximately 96.5% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
Lending limits for FHA loans insured for HAWAII counties (Single Family).
KALAWAO (NON-METRO) $657,800
We here at Aloha Mortgage Loans have the necessary experience to assist you throughout the entire loan process. Whether you choose an FHA loan or one of the other many programs offered rest assured you are getting an experienced team of professional working for you. We are up to date on current loan programs and guidelines which is crucial in today’s ever changing world of financing. Call us today with any questions you have or apply now!