Purchasing Again? First Time? Seasoned Investor? Forward? Reverse?

There are diverse purchase loan options available to secure your real estate purchase.

First time home buyers have access to zero down payment via USDA and VA, 3% conventional down payment, and, 3.5% FHA down payment options. USDA Loans help first time home buyers with zero down payment required. You will need funds for home inspection, home appraisal, prepaid taxes, prepaid insurance and title/escrow fees (estimate 2-3% of the purchase price). VA Loans offer 100% financing for qualified veterans and closing costs can be financed into the loan. FHA caters to lower credit scores 590 – 639. Conventional caters to credit scores 640 and up.

Repeat buyers can purchase your primary residence with as little as 5% down payment. You’ll have MI mortgage insurance until your equity reaches 80% so compare which down payment amounts suit you best. Purchase your second home with as little as 10% down payment. And investment properties with as little as 20% down payment.

Jumbo purchase programs begin at 10% down. For 2023 you may have a conventional mortgage upto $1,089,300. As an example, if your purchase price is $1,200,000 you’d need just $110,700 down payment to reach the maximum government backed loan amount and receive a govee interest rate. For self employed independent contractors and business owners we provide access to non-govee mortgages which are based upon cashflow on your bank statements or rental income from the subject property. And investors can build their portfolios with a variety of options.

Reverse mortgages allow qualifying seniors to leverage equity in your primary residence to supplement your fixed income every month, withdraw a lump sum for improvements or emergency funds, or, a combination of both. Reverse mortgages do not give the bank your home. Learn More.

Lava Zones are an important factor when home shopping on Hawaii Island (Big Island). Lava Zone 1 is where lava has erupted from the ground. VA IRRLs are available in lava zone 1, period. Lava Zone 2 is adjacent to Lava Zone 1 and may have been affected by moving flows. Purchases and refinances are both available in Lava Zone 2 however homeowners insurance restrictions may be a factor. Learn More.  Lava Zones 3 and higher tend to have few, if any, restrictions for financing real estate. If you’ve found a property and would like an analysis please email it and we’ll review for you.

Learn what purchase options are available to you by using the Quick Quote form. It’s quick & it’s easy.

Big Island Mortgages by Doug Mallardi
(808) 333-4341 doug@bigislandmortgages.com
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