Home Buying in 96826>Question Details

Tamtam, Home Buyer in 96826

I am looking to buy a home in manoa or st. louise heights area. We're looking for a 0 down home. We have $ 20,000 saved up. Is that possible?

Asked by Tamtam, 96826 Mon Feb 22, 2010

What total price of a home would be plausible for us to purchase? I am a student and making 1200 a month until i graduate in 2011. My husband is self employed and showing about 80,000-90,000 profit per annum (about 70,000 net income). Our credit scores are in the low 700's.

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Hi Tamtam,

I would strongly consider another area nearby, such as Makiki, Kaimuki, or Moilili. Those are all still close and will allow you to get started in something affordable. $20,000 is a great start, but you should have at least 5% saved up in order to get into your own place. You want to have some cushion left so that if something breaks, you have money to replace the carpet, or water heater, for example. You need a few extra thousand.

You need to talk to a mortgage lender to discuss his self-employment income. Lending has tightened and there are more restrictions that a few years ago. Feel free to call any time if you have further questions. In the meantime, it would be a good idea to start looking at some homes, to get an idea of values and prices.

Frank Diaz (RA), MBA, e-PRO
East Oahu Realty
1 vote Thank Flag Link Mon Feb 22, 2010
Tamtam, has your husband served in the military and was honorable discharged? Under the VA program, you could purchase a home at zero down. Partial of the $20,000 saved could be used for your closing costs. It is probably best to get you and your husband pre-qualified with a lender before visiting "open houses". With a qualifying amount set by the lender, you and your husband will have a better idea which "open houses" you should be visiting. Contact me if you need further information. I'd be more than glad to be of assistance. Purchasing a home is a big big process to undertake. I can help you. Thank you.

Beverly Camat , RA
Century 21 All island
email: beverly.camat@hawaiimoves.com
0 votes Thank Flag Link Thu Mar 18, 2010
O down is a great posibility but not in the Manoa Area
Lowest down in St. Lousi Heights is the Home Path Loan (3% on a Home path property) You can optain seller credits up to 6% to cover Orgination, Discount point ( points for a lower rate), taxes , insurance, impounds, Appraisal, title, escrow, impounds and more
We are a direct lender on the Home Path Property ( homepath.com) . If you find a property on the windward or leeward side we can provide a 100% Financing Loan.
Our office have closed more than 20 0 down loans in the last year.
I just closed a 100% transaction where the borrower came in with 0 out of product and had his down payment returned
Letters of recommendation by request
0 votes Thank Flag Link Mon Mar 15, 2010
Aloha Tamtam,

I'm happy to help but I do have a few questions for you. I'm curious as to how you and your husband decided on Manoa or St. Louis Heights? What is it about these areas that appeals to you? Are you open to other areas on the island? If so, where? Have you been pre-approved by a lender? If not, I recommend that as a first step as that will give us the parameters in which to start with. Please do not hesitate to call or email me so I can help you and your husband.

Paula Aila
Realtor Associate
Century 21 All Islands
Phone: 808-728-8383
Email: paula.aila@gmail.com
Website: http://www.HawaiiRealEstate4You.com
0 votes Thank Flag Link Tue Feb 23, 2010
HI Tamtam!
Great questions and it's a wonderful time to purchase! There's a lot of information and I would like to sit down with you and your husband to explain the real estate buying process and see what is available for you without breaking the bank. Please feel free to contact me to set up an appointment, I'm very flexible and will work with your schedules.

Mahlao for your interest!

Dianne Bosworth
371-0516 cell
Prudential Advantage Realty
Kahala Mall, 4211 Waialae Avenue
Honolulu, HI 96816
0 votes Thank Flag Link Tue Feb 23, 2010
Hello Tamtam,
Given these figures, I would suggest you speak to a lender and get pre-qualified. With that being said, you are probably looking for a home that would put you in the low $400,000's which is obtainable, but it would have to be in another area other that Manoa or St. Louis. I would suggest maybe Makiki, Kaimuki, Punahou, or maybe even a condo.
Good luck, and if you still want to pursue a purchase, please consider us here at Century 21 All Professional, and speak to Rodney Park.
Thank you for your question.
0 votes Thank Flag Link Tue Feb 23, 2010
You must be a little puzzled about the range of answers to your question!
From the figures you are giving, it looks like you could buy, especially if you take advantage of the first-time homebuyers credit & the downpayment assistance programs that are available through the state.
The areas you are interested in (Manoa & St Louis) are most likely out of your price range.
Talk to a lender, get pre-qualified & then ask a Realtor to help you find a great place! Good luck...

Monique C. Ting, RA e-pro
CB Pacific Properties
Waikiki Office
0 votes Thank Flag Link Mon Feb 22, 2010
No now but you can register with us at our website http://www.homedeal2.com and if property should up that fit your requirement, we will let you know. ~Bobbie.
Web Reference: http://www.homedeal2.com
0 votes Thank Flag Link Mon Feb 22, 2010
$20,000 is 3.5% of $571,000. It is well within the FHA loan amounts for Honolulu. It is possible to find a home in the Manoa area in that price range, however, it will need a great deal of work. Step one should be to speak with a really good lender, feel free to call me at 808-398-3220 (my cell). Let's discuss your move and I can refer you to a great lender too.
KU Realty
0 votes Thank Flag Link Mon Feb 22, 2010
0% down is virtually impossible--FHA loans require a minimum credit score of 620 and 3.5% down. Visit with any qualified loan officer(s) and see exactly what your budget can handle and look at all your options--
0 votes Thank Flag Link Mon Feb 22, 2010
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