Financing in 96704>Question Details

David Steacy, Home Buyer in Ocean View, HI

I am looking at reo/forclosed homes in Hawaii that cost less than 90,000 and plan on a 20% down payment. Will banks loan on such a small amount?

Asked by David Steacy, Ocean View, HI Thu Apr 26, 2012

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Give me a call and I will put you in touch with a great lender.
0 votes Thank Flag Link Fri Apr 27, 2012
Aloha Dave,

Yes, lenders will loan on that amount. I am one of the Top REO agents on the island and would be more than happy to help you find something that meets your critera. I have lived on the Big Island over 40 years. I assume that you are not presently working with an agent or you would not have to ask this question as your agent would aready have informed you. Remember it does not cost you anything to be represented by an Agent and you want someone who is well informed in regards to REO's. Give me a call and I will help you.

Mahalo nui loa,

Bill Parecki

Realtor Salesperson (RS)
Accredited Buyer's Representative (ABR)
REO Default Certified Professional (RDCPro)
Short Sales & Foreclosure Resources (SFR)
Technology and Social Media Certified (E-Pro)
Certified Foreclosure Specialist (CFA)

Top 1% of Agents in the State of Hawaii

There is no substitute for experience

Hawaiian Island Homes Ltd
Telephone: (808) 345-8818
Facsimile: (808) 934-7400
E-Mail
HawaiianIslandHomes@gmail.com
0 votes Thank Flag Link Thu Apr 26, 2012
Banks and bankers are the only ones you'll typically see without a minimum loan amount, otherwise, the 50k figure as mentioned is a common minimum.
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Thu Apr 26, 2012
Hi David,

Yes, they will loan on that amount as long as it is a fee simple (you own the and) and not a leasehold (you rent the land) property. You definitely want to visit these homes first to see what you're buying. Are you familiar with the area and climate (rainfall is high in this area)? Do you prefer a certain neighborhood over another?


Frank Diaz
(RA) MBA, e-PRO, REALTOR®
East Oahu Realty
Web Reference: http://hawaiihome.biz/
0 votes Thank Flag Link Thu Apr 26, 2012
Frank
Thanks, they are fee simple. I have a relitive that live in the area and is checking out properties that I am interested in. I just found one for $58k so with 20% down would leave loan of 46k. do you think I can get a loan on that amount?
Flag Thu Apr 26, 2012
Generally you should have no trouble finding financing on loan amounts of $50K and up.
Web Reference: http://HarpSupport.Com
0 votes Thank Flag Link Thu Apr 26, 2012
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