Hawaii Home Possible Programs Now Available

Hawaii Home Advantage Loans

Lenders in Hawaii are now offering conventional Freddie Mac mortgages with down payments as low as 3 percent and reduced mortgage insurance requirements. These new programs are called Home Possible© and Home Possible Advantage(SM) and offer outstanding flexibility and options towards purchasing a primary residence. With mortgage rates still at record lows, these offer a good opportunity to stop paying rent and beging enjoying a stable, affordable mortgage for your own home. Call us today at (808) 625-5057 for more information.

Key Highlights of Hawaii Home Possible Programs

  • New down payment as low as 3 percent
  • Maximum loan-to-value ratio of 97 percent for 1 unit (Home Possible Advantage)
  • Maximum loan-to-value ratio of 95 percent for 2 to 4 units (Home Possible)
  • Lower mortgage insurance coverage requirement, reducing monthly payments
  • Both first-time buyers and other borrowers with limited down payment savings can qualify (1 qualifying buyer must participate in a homeownership education class)
  • No reserves required for 1-unit properties
  • Down payment, closing costs and escrow impounds can be made entirely by gift funds (Home Possible Advantage)
  • Lender-paid mortgage insurance permitted
  • Flexible underwriting requirements including use of rental income from occupying roommates

Restrictions of Hawaii Home Possible Programs

The borrower(s) may not have any individual or joint ownership in any other residential property as of the note date. Income eligibility will be determined by automatic underwriting criteria. Other restrictions may apply.

Call us today at 625-5057 for more info or for referrals of exceptional local loan officers that offer these loans!

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