VA and USDA are the only no money down mortgage options available right now. FHA only requires 3.5% down and that can be gifted to you by a family member.
Your option for a USDA mortgage is going to be limited because it's only available in rural areas and most of Honolulu isn't eligible.You would need to look in the following areas.
Waimanalo & Waimanalo Beach
Ewa & Ewa Beach
One of the best things about the USDA mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.
Here's an example: An FHA mortgage of $425,000 is going to have a monthly mortgage insurance payment of $442.70 but on a USDA mortgage it's only going to add $141.66 to your monthly payment.
The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.
Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.
Senior Mortgage Banker
Peoples Bank & Trust
Absolutely, there are options. It is best to speak with a Mortgage broker to decide what that can be.
However, your agent may also be able to get you some seller financing. It all depends on the deal.
Don't give you hope. There is always a way.
Christine Kim, JD R SFR
FHA loans offer 3.5% down, and conventional can be as low as 5% down. Seller-paid closing costs can be negotiated. You are wise to recognize that RENT is another word for paying someone else's mortgage.