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Hawaii FHA Loan

If you're a first time property buyer in the state of Hawaii, there may be several options open to you as far as your real estate goes. In addition, you may find that a Hawaii FHA loan is great purchase a traditional home and for other property types you are interested in, like condos. Hawaii has long been one of the fastest growing tourist destinations in the U.S. and purchasing a home, townhouse or a condo is a tremendous asset.

FHA loans are insured by the Federal Housing Administration and are offered by a HUD approved Hawaii mortgage company like us If you qualify for a Hawaii FHA Home Loan, you'll be sitting pretty since Hawaii FHA Mortgages are some of the most flexible in the market.

FHA loans in Hawaii have several major benefits to home buyers and homeowners alike, including:

  • No minimum credit score
  • Low Fixed mortgage rates
  • Lower down payments
  • Never a prepayment penalties
  • Single-family. multi family units, town homes, condominiums and manufactured home loans

Even though HI FHA Loans have no minimum credit score, and they are traditionally easier to qualify for than a conventional loan, the qualifying process for a FHA mortgage is not always a piece of cake. You still must meet certain FHA underwriting guidelines to be approved for an FHA Loan. The two biggest factors in qualifying for a home loan in Hawaii are:

  • Ability to repay the loan - A traditional mortgage from a Hawaii Mortgage Lender requires you to have been in the same job for at least two to five years; The FHA loan in Hawaii offers flexibility, but you still must have sufficient income to meet ratio requirements.
  • Willingness to repay the loan - although a HI FHA mortgage company should place no emphasis on your credit score in terms of minimums, they will use credit quality to help them determine whether you are willing to pay your bills, and pay them on time. We combine this with past rental payments, car payments, etc. and will be looking specifically at how you've managed your obligations over the last 12 months.

Although a HI FHA loan doesn't have an income limitation, Hawaii Mortgage Lenders will only provide you with a loan sized for your budget and income. For instance, if your ratio's reflect you can only really afford to pay 30 years of payments and interest on $150,000 your we will not approve you for a $200,000 loan.

The first thing you'll need to do is find the right Hawaii mortgage lender. There are several companies in Hawaii offering low interest rates for FHA home loans. However, since the FHA does not originate its own loans, we hope you make us your first choice.

Most Hawaii mortgage lenders charge the standard FHA Lending Fees, however, the origination fees are compiled on top of that, and while FHA Lending Fees don't typically change, origination fees do change. Additionally, only FHA mortgages are insured by the FHA, and to receive the benefits an FHA loan offers home buyers and homeowners alike, you'll need to qualify for the mortgage first through an FHA approved lender like us

The mortgage market in Hawaii in based on supply and demand and is not always competitive or fair. This is especially true of its more popular tourist attraction areas. Hawaii Mortgage Lenders know that you will most likely purchase a condo, town house or mobile home as these are typically more affordable than a traditional stick built home

It is difficult to find the perfect lender no matter where you are, and we believe we cover them all. However, if shopping for in Hawaii for an the right FHA loan, you can look for certain characteristics in your HI mortgage lender or mortgage broker including, but not limited to:

  • Choice between fixed rate loans and adjustable rate mortgages
  • The option to select a traditional balloon mortgage
  • Programs for first time, poor credit and bankruptcy mortgages
  • Case-by-case analysis instead of a set standard - a rigid lender is a bad lender, and selective lending is bad for every consumer
  • Rates that meet or beat the current standard home loan in Hawaii
  • No payment penalties
  • Approved by HUD for originating the FHA Loan

If you can find a Hawaii mortgage lender offering you all of the above features, you'll have almost nothing to worry about. Your final consideration should be whether you trust your lender or not. If you feel uneasy around your mortgage lender, you should look elsewhere. We sincerely hope we can build the trust in us you deserve.

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