Home Buying in Waianae>Question Details

tiffyn7878, Other/Just Looking in Waianae, HI

I'm looking to buy my first house.

Asked by tiffyn7878, Waianae, HI Mon Sep 16, 2013

I have a good steady job and I have excellent credit, but I don't have the money for the down payment. How can I purchase a home?

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Hi Tiffyn7878:

There are agencies that can assist with downpayment. Also there are usda loans with no downpayment needed. Email me at wallette@westbeachrealty.com and I will walk you through.
0 votes Thank Flag Link Fri Sep 27, 2013
Welcome to mark loanfirm we offer loan @2% if you are in need of a legitimate loan contact this email on markloanfirm200@gmail.com for more information.
0 votes Thank Flag Link Mon Sep 23, 2013
HAHAHAHA, good one, especially the APR disclosure, you do know the feds can read this?
Flag Mon Sep 23, 2013
There are 100% financing options available for you on Oahu. Call me at 808.203.7424 or email me at john.gephart@pruhawaii.com and we can go from there! Here to help...
0 votes Thank Flag Link Mon Sep 23, 2013
While there are programs available through some credit unions that permit no down payment, the truth is you should not be buying a home right now. You need to concentrate on saving up money so that you can afford at least 5% down and 10% would be even better. I know this is difficult and probably not the advice you want, but trust me buying a home with no money down is a great way to find yourself a few years from now in financial ruin.

Lenders will give you all the rope you need to hang yourself, ultimately it's up to each and everyone of us to make smart decisions and buying a home with no money down is going to cost you in terms of the loan terms you get as well as in your monthly payment. It also sets you up should you have a financial hiccup (which we all do at one point or another ) to lose your house and ruin your credit for many years.

Start saving, it requires giving up things now that you may enjoy and/or perhaps taking on a second part time job, but if you really focus you'll be amazed at how much you could save in 6-12 months.
0 votes Thank Flag Link Sun Sep 22, 2013
Most programs require a certain down payment. However, you can consult a lender if they have something to offer based on your income, job history, and credit status.

Dana Lindberg
CFS Mortgage - http://www.cfs203k.com
0 votes Thank Flag Link Sun Sep 22, 2013
If you qualify for a VA loan, you can buy with no money down and even wrap closing costs into the loan amount - this is the easiest way to buy without a lot of cash on hand. The USDA has a program for rural areas for no money down loans, so that would be another option. FHA loans require 3.5% down and both the FHA and VA are a little bit picky about the house you buy - so you have to select something in decent shape with all the proper permits and not too much of a fixer upper or the loan could have problems going through. I have a couple of excellent lenders that I would recommend for VA or USDA loans if you are looking for some names. I work with lenders who are professional, organized and close on time, which is key to a smooth transaction. I can also recommend excellent home inspectors, escrow officers and other professionals needed during a purchase. I've sold a few homes in Waianae over the years, the last one on Lahaina St. and would love to help you buy your first house too!
0 votes Thank Flag Link Tue Sep 17, 2013
In Waianae there are a few programs you may qualify for, the Mortgage Credit Certificate Program, and a USDA loan. Contact your bank or credit union, or if you need names of local lenders, let me know.

Frank Diaz
0 votes Thank Flag Link Mon Sep 16, 2013
Speak with a reputable loan officer as they will guide you accordingly. There may be special programs you qualify for based on your career, etc.

0 votes Thank Flag Link Mon Sep 16, 2013
Sellers are not allowed to contribute towards the down payment as far as I know, they could years ago but not in the last few years. Depending on the type of loan you use they can pay for all or part of the closing costs and pre-paids which lowers the amount of cash needed to close. But you must come up with your own down payment. The rules allow you to borrower it two or three ways. First is a government sponsored program, usually revered to as a DAP.

You can also borrow against something you already own, a car, furniture, etc. I have often seen buyers borrow from their retirement account. If you borrow the down payment or closing cost the loan must be secured by something and the underwriter may ask for proof of value on the item used as security, blue book on a car for example, good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Mon Sep 16, 2013
There are options that would permit the Seller to contribute the minimum about down necessary for you to possibly get a mortgage however I would strongly advise against this. Home buyers really should have at least 5% and preferably 10% of the purchase price of whatever they want to buy saved up before going out and buying a home. (Note this could be gifted to you by an immediate family member)

Buying a home with no money down is the fastest way I know of creating stress and causing financial disaster. I know that saving up thousands of dollars is hard but if you can't do it now without a house, imagine how difficult it's going to be with a mortgage.

There's a reason so many people have lost their homes over the past 5 years and it's because they were over extended financially. and buying a home with basically no money down is the essence of over extending yourself.

I encourage you to think long and hard about this; before getting in over your head.

Regardless of your decision; I wish you all the best.
0 votes Thank Flag Link Mon Sep 16, 2013
You have a big decision ahead of you with many questions. Make sure to check out our free Video Blogs all about buying in Hawaii. The Video blogs will cover much of the information you need to know in order to get started and the HD video tours will take you inside many homes so you can get a sense for value and location.

Here is our special page dedicated to Hawaii's newest homes owners. Hawaii is a special place and every purchase of a home is special to us. We hope you will choose us to answer all your questions about buying a home.

David Nash

David Nash (RA) Epro
Team Leader of TheOahuAgents.com - Hawaii's Technology Agents
808 271 2223 mobile
Altera Real Estate
1245 Young st
Honolulu Hawaii 96814
2 Minute Video Blogs about the Hawaii Real Estate Market.
5 minute HD videos of condos, homes, neighborhoods, and events for people interested in Hawaii real estate.
Looking for a home or condo? I will produce an HD video tour for you and post it here and on my webpage for your convenience.
0 votes Thank Flag Link Mon Sep 16, 2013
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