Hawaii Loan Options
Hawaii HomeReady for First Time Buyers
HomeReady, offered by Fannie Mae, is a mortgage program designed to increase access to affordable homeownership for low to moderate-income borrowers. This innovative program provides flexibility in qualifying for a mortgage, allowing borrowers to include income from non-borrowing household members, such as relatives or renters.
With a low down payment requirement and competitive mortgage terms, HomeReady aims to make homeownership more achievable for a diverse range of individuals. Additionally, the program offers homebuyer education to empower borrowers with the knowledge and confidence needed for successful homeownership. HomeReady is a valuable option for those seeking a mortgage that aligns with their financial goals and unique circumstances.
Program Highlights of the HomeReady Loan
First-Time Home Buyer
The relaxed lending guidelines are ideal for a first-time home buyer; however, you do not need to be a first-time home buyer to be eligible for the Hawaii HomeReady Loan program.
Home Ready Benefits:
Low Down Payment
Minimum 3% down for first-time home buyers and repeat buyers.
Additional income for qualifying
You may use the rental income from a detached or attached accessory dwelling (apartment or ohana) for qualifying when purchasing your primary residence.
Need help qualifying
All borrowers do not need to reside in the property. For example: parents, who won’t be occupying the home, can be a co-borrower to assist their children. Do you still need additional income to qualify? Take a look as the MCC Grant offered by PHL.
More affordable
Borrowers putting less than 20% down will pay a reduced Private Mortgage Insurance premium and will qualify for a lower rate than with traditional conventional loans.
Home Buyers Counseling
Whether you’re buying a home or condo for the first time or getting back into the ever-changing market, it is a big deal. Feeling informed and confident can help you navigate all of the steps of the loan process.
Income
Some income restrictions may apply.
Information and self-help tools are provided for your independent use and are not intended to provide investment advice. We cannot and do not guarantee loan eligibility or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to speak with one of our experienced loan officers for a loan eligibility analysis and custom rate and payment estimate.
