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
Beverly Camat , RA
Century 21 All island
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
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.
Century 21 All Islands
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!
Prudential Advantage Realty
Kahala Mall, 4211 Waialae Avenue
Honolulu, HI 96816
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.
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