We love a good home buying story! This particular one involves our 100% financing Hale ‘Ohana Loan Program. It’s our newest FHA loan program option available to non-VA buyers here in Hawaii, and like our VA home loan program, it requires no down payment! Paul and Tarah came to us with a dream to become Hawaii homeowners, but they had some obstacles. We analyzed their situation and found that the Hale ‘Ohana Loan Program would be the best fit for them. Find out more about their story below.
Paul and Tarah desired to purchase a Hawaii home. Specifically, a single family home in Waianae, which is on the west side of Oahu. In November 2023, the median price for a single family home in that area was $712,000 (Makaha – Nanakuli region). Paul and Tarah’s purchase price was $549,000.
Paul and Tarah were previously living with family and had no prior rental history. They were non-VA buyers, but still needed a loan program that offered no down payment. Next, their credit score was 608 FICO, which is considered fair. Furthermore, their debt-to-income ration was 45.54%, which is relatively high. For Paul and Tarah having no money for a down payment, a fair credit score, and a high DTI, it would not be surprising for them to think that Hawaii homeownership was out of their reach, but with the Hale ‘Ohana Loan Program it isn’t!
Through the Hale ‘Ohana Loan Program, Paul and Tarah received a 30-year Fixed Rate 1st Mortgage on that home they wanted in Waianae. Since the FHA usually requires 3.5% down, we financed the down payment into a 15-year Fixed Rate Community/Non-Profit Funded 2nd Mortgage. Paul and Tarah moved out of living with their ohana and into their own single family home. Hawaii home buying dream realized!
We can do the same for you. Call us at 808-792-5251 or contact us here.