So you would like to settle down in your own home but the gamut of home purchase charges frustrates your wish? The good news is that with USDA mortgage Hawaii, and the help of USDA Loans Direct, the promise of owning your first ever abode is just a click away. You will not pay any dime worth of money down, nor go through the agony of paying Private Mortgage Insurance.
“Would I meet the stiff monetary guidelines in the island of Hawaii?” Sure, you can. Just know that only the main island, its capital Honolulu and the prefecture of Maui are partially out of reach of USDA mortgage HI. However, some of the non-metro parts of the above areas also qualify. So do not rule out the possibility of ownership altogether even in Honolulu!
NB: the first two counties only qualify partially.
Do I Need Extra Cash in the Bank?
No doubt you have tried to walk the line with banking institutions that require you to have a reserve before you take any money from them. Not so here! With this mortgage, all you require is an application form and a debt-to-income ratio that conforms to the following terms of USDA mortgage Hawaii:
- Your debt-to-income is 29/41% which indicates the following two stipulations:
- That your housing expenses alone must not surpass 29% of your income.
- That the total debt should not surpass 41% of your income.
Still unsure whether you do not have to scrape some few dollars out of pocket to give a sob to a lender? Talk to us and we will tell you why you don’t need to!
Why You Need to Apply Now
You don’t have to go up and down a brick-and-mortar office combing for somebody to talk to on your loan application. Just give us a call today and we will answer any question that will improve your chances of USDA mortgage HI approval. Here are some of the benefits you stand to enjoy:
- The mortgage is 100% Loan-to-value.
- You will pay no documentation fees.
- No bank reserves are necessary.
- Closing cost anathema? The seller could easily settle all if not at least 6% of closing costs.
- A FICO score of just 620 is sufficient to let you qualify for USDA mortgage Hawaii.
Apply For the Direct Program Even With Low Income
Even when you have very low income, you do not have to shy away from USDA mortgage HI.
- The government offers loans to the low-income tier of borrowers through its Direct Program.
- You can qualify even when your earnings are only 50% of Area Median Income.
This is why you should wait no more. Talk to us on anything about USDA mortgage Hawaii. We will be right here to serve you!
Helpful links for you to review: