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.
if I don't have enough cash on hand for the three percent
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.
Mortgage Loan Specialist
First Hawaiian Bank
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
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.
Residential Loan Officer
Bank of Hawaii
I still buy a home if I have bad credit?
Yes, You can. Let's look at tow different situations.
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
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
Senior Loan Officer