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Financing your Dream Home!

Concerned that you might not qualify to buy a home? Owning your own home and qualifying for the loan to buy it is a lot easier than you might think. Today, many new home communities staff their sales centers with mortgage lenders who can answer your questions about buying a home. Ocean Pointe offers this free service to help ease the process for prospective home buyers.

Here are several commonly asked questions about qualifying to buy a home and responses from three loan officers whom you'll find on-site at the Ocean Pointe Sales Center.

How much cash do I really need to buy a home?
Generally speaking, you only need three percent of the sales price in cash to buy a home at Ocean Pointe. But, this can vary greatly depending on the type of loan that is available for you. For instance, if you have VA eligibility or can qualify for a 100% financing program, as little as $500 in cash is all you will need.

What if I don't have enough cash on hand for the three percent down?
There are ways you can get that down payment. For example, it can come in the form of a gift from your parents or immediate family. Or, look for "hidden money." Borrowing from a 401(k), a profit-sharing plan, or against the cash value of an insurance policy are just a few examples of "hidden money." If you have limited savings, but good monthly income, a loan officer can help you devise a plan to accumulate your down payment with some simple belt-tightening techniques. You'll be amazed at how quickly you can have that down payment.

Nydia Connie Coloma
Mortgage Loan Specialist
First Hawaiian Bank

We have outgrown our current home. We can't sell it for what we want, but need to upgrade to a bigger home. What can we do?

Many potential home buyers face this dilemma. They're unable to see their present home and realize enough profit for the down payment on a new home. Fortunately, there are new programs like Bank of Hawaii's 100%, zero down financing that can solve this dilemma. Since most 100% financing programs are very flexible, there are ways to construct your home loan to keep mortgage payments within your budget. While you're still making payments on your first home, most lenders will credit you with 75% of the monthly rental income as they qualify you for a new home loan. Come into Ocean Pointe's Sales Center and find out how 100%, zero down financing can get you a bigger home.

Glen Tarumoto
Residential Loan Officer
Bank of Hawaii

Can I still buy a home if I have bad credit?
Yes, You can. Let's look at tow different situations.

Bad credit due to bankruptcy or foreclosure.
In the case of a bankruptcy, as long as it has been discharged for at least two years, you are eligible for an FHA or VA loan, provided you've reestablished credit. The same is true if you 've experienced a foreclosure, with the exception that three years or more have passed since the foreclosure took place.

Too much debt, no cash for down payment.
Many people think they can't quality for a home loan because they have too many bills and no cash for a down payment. Quite often, Mortgage Masters can help consolidate debts and lower monthly bill payments so you can afford a mortgage. In some cases, we can even cash out enough for a down payment or closing costs.

Nanette Lontayao
Senior Loan Officer
Mortgage Masters



Financing your Dream Home!
Top 10 Advantages of Buying a New Home!
Mayor Harris Visits Ocean Pointe
Ocean Pointe Awarded Best Land and Community Plan
At lastů100% Financing For Your New Home
Great Reasons To Buy Now
Ocean Pointe Is The #1 Choice See "Ocean Pointe Tops Best Seller List For 1999"
Phone: 808-689-6888
Toll Free: 800-256-8908