Here is an update on the mortgage industry in our area:
1. President Obama's stimulus package now allows you to refinance Fannie Mae loans with no income verification and no appraisal to determine value. It must be a current Fannie Mae loan to qualify.
2. FHA, VA and USDA now require that condos be at least 51% owner occupied.
3. Mortgage insurance requires that condos have at least 70% owner occupancy and that clients have 41% or less debt to income ratios. No exceptions are being considered.
4. CondoTels now require a 35% minimum down payment. The current guidelines are difficult to interpret and may change at any time without notice. Contact us for the latest information.
6. International buyers require a 30% down payment when purchasing property in Hawaii.
7. 100%, 97% and 95% financing is still available.
Now is a great time to buy, and here are 5 reasons why!
1. Affordability is better than ever
2. We have a lot of inventory to choose from
3. Builders are offering big discounts
4. Mortgage rates are historically low
5. A federal tax credit is available
If you have any questions about obtaining a mortgage in Hawaii, or if you are considering buying or selling a home or condo in the South Maui areas of Kihei, Wailea or Makena, just give us a call. We are your South Maui experts!
Mike Eddy REALTOR® (S), ABR®, e-PRO
Sheryl Eddy B.A., REALTOR® (S)
Mike (808) 268-2219 Cell
Sheryl (808) 268-2220 Cell
www.SoldOnParadise.com
Mike and Sheryl - These are great points to help educate the buyer on the reasons why it is a great time to buy. All the best to you and your business.
Kenneth - Thank you for you comments. I believe a lot of potential buyers are really missing out on some great deals while they sit on the sidelines waiting for the market to "hit bottom". Mike
Mike and Sheryl, It is a great time to buy. Lots of buyers are getting great deals today.
All of the home improvement stores and professionals are also advertising a $1,500 Federal tax credit for home improvements. That can be a great way for you to contact past Clients who are staying put, not to mention letting all your sellers and buyers know.
That's it. It's almost 4:30. Time to shut down the computers and take a catnap. Thank you for letting me camp here today. The hospitality was great! I hope I've left the camp site better than when I found it.
Russel - I have learned a lot, and had some fun along the way. You certainly kept me busy for a while. Thanks for taking the time to leave all your great comments!
Mike