Learn About Different Attractive Hawaii Mortgage Programs

Learn About Different Attractive Hawaii Mortgage Programs

Hawaii is one of the world’s most beautiful vacation spots for people across the globe. If you are like many who wish to own a little piece of this paradise, then you must know about various mortgage programs available that can help you realize this dream.

To settle on a choice, it is prudent to hire a certified loan officer who can help you find a suitable Hawaii mortgage program matching your needs. There are several mortgage programs to meet requirements of different budgets. Some of the most popular mortgage programs available in Hawaii are listed as follows:

FHA Mortgage program – A very special feature of this mortgage program is that it is insured by the Federal Housing Administration or FHA. It is considered ideal for homebuyers with low or moderate income. With this mortgage program, you need to give a very small amount as installment. For FICO score of at least 580, it is only about 3.5% of the total amount.

Conventional – This mortgage program is neither supported by VA (Veterans Administration) or by the Federal Housing Administration (FHA). Homebuyers who can pay around 3% of the total sum as up front payment are qualified to get this sort of home loan.

However, with this program FICO score requirement for LTV more than 75% is 680 and for LTV less than 75% is 620.

VA – This unique loan program requires no down payment. But, to meet all requirements for this mortgage, one should have the veteran’s eligibility certificate. It is worth mentioning that in this type of mortgage, the credit score requirement is variable, which is generally set by independent policies of lenders.

Jumbo Loan Mortgage – These are big amount loans that surpass a predetermined size. In this sort of mortgage, loans on single-family homes go past $822,365 in Hawaii. Also, the interest rates are higher on these mortgages as compared to other mortgages in the market.

Fixed Rate Mortgage – With this mortgage, the borrower is needed to pay a fixed interest rate for the whole lifetime of the loan. The main advantage of these loans is that they protect from rising rates, which implies that even if the market rate escalates, your interest rate remains the same.

Adjustable Rate Mortgage – In such mortgage programs the interest rate changes considering the condition of the economy on pre-decided dates. The basic period usually has a lower rate, after which the rate varies according to the current market situation. The basic rate can be set for diverse periods, beginning from one, three, five, seven, or ten years.

Choose the best mortgage program to fulfill your dream of home ownership in Hawaii with qualified loan officers at Infinite Financial. They can serve as your perfect guide in helping you find an ideal mortgage program addressing all your needs!

Additionally, skilled professionals at Infinite Financial also offer invaluable help with Honolulu home loans.

SOURCE CREDIT : https://mortgagebrokerhonolulu.wordpress.com/2 021/06/25/learn-about-different-attractive-haw aii-mortgage-programs/

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