Mortgages and lending in HI (Honolulu, Kailua: foreclosures, to rent, condo)
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So I'm curious about mortgages and lending in Hawaii. I was just offered a job in Kaua'i right at $85K/yr. I saw that pretty much all of Kaua'i qualifies for the USDA housing, which is pretty cool. But, at any rate, I'm a first time home buyer so I don't know much about actually going through the checks and balances of buying a house. I know pre-'08 banks had the thought "well, you want some more money for a house?" on the mainland. But, I'm just curious about it all since I know the housing market is on the much higher side in HI. Anyone been through this before and want to share some do's and don'ts or advice and insight?
Lending companies here have the exact same rules as anywhere else. $85K per year is a pretty good salary. Is it in the same industry that you have been working? Lenders do look for stable employment such as the same type of job for the past few years.
Find a place to rent for 6 to 12 months while you acclimate to life in Kauai and spend some time looking at various neighborhoods and decide where you might like to buy.
there is a very good lender in Honolulu whom I like, and have used on my own re-finance He sends out a great newsletter, let me know if you want the info.
Pretty much what Kat said above, and if I recall correctly Kona agents like Kat should have access to Kauai MLS information to get property information as well since they use the same service provider. I really wish they made a hawaii state single mls system =P
So I'm curious about mortgages and lending in Hawaii. I was just offered a job in Kaua'i ...
In the past, some lenders required that an applicant had an employment history of at least a year with their current employer. So, it was very useful if a person from the mainland could be "transferred" to Hawaii (their employment history follows along). It would be something to check in to.
If you can find the right lender to work with you over the phone, you can get somewhat pre-qualified, etc. At least get a rapport established, which could speed things up should you decide to buy.
In the past, some lenders required that an applicant had an employment history of at least a year with their current employer. So, it was very useful if a person from the mainland could be "transferred" to Hawaii (their employment history follows along). It would be something to check in to.
Pretty much what Kat said above, and if I recall correctly Kona agents like Kat should have access to Kauai MLS information to get property information as well since they use the same service provider. I really wish they made a hawaii state single mls system =P
Yes, that is correct. I too, wish that we had a state-wide system! Our MLS is going to change soon, supposed to be much more up to date as far as industry standards go.
Thanks all. Those days are long gone bc they do it w.o a year of history with current employer? I guess a little more background - I have graduate degrees in the sciences, over a year in this industry but will be starting with a new company, I am young, 26, couple of kids, no huge debts- car 10K st. Loans another 10K, not interested in throwing money towards rent but more interested in making an investment. I would also be interested in looking at foreclosures but can't find any real time realiable listings, it seems.
Employment history
Job stability is a factor that a mortgage lender will look for, and two years at your current job helps, but this also is not an absolute requirement. If you change jobs but stay in the same line of work, you should not have a problem — especially if the job change is an advancement or increase in income.
Employment History
If you just started a new job, you're unlikely to obtain a mortgage. Mortgage lenders want to lend to people who are in stable and steady employment with a reliable source of income.
If you're having trouble qualifying for a home mortgage, wait a year until you've built up some employment history with the same employer.
Basic FHA loan requirements.
Two Years of steady employment, preferably with same employer.
Last two years Income should be the same or increasing.
You want link all you want Cybercity - as I sit across from wife who does quite well as a loan officer. Your second paragraph is just outright incorrect. You don't even link to a bank site. Employment history isn't even a consideration in the modern era - it is your documented current employment and bank statements. If you have the credit score - have sufficient money to put down - and have documented income to support your payments - you get the loan.
Oh by the way - FHA loans are mostly a thing of the past due to the super high fees attached to the loan.
Gate #1 is your credit score (stop if to low). Gate #2 is down payment (stop if to low). Gate #3 - income to loan payment ratio (stop if doesn't meet guidlines). Gate 4 - appraisal - they won't lend if the appraisal comes in to low - unless the seller comes down in price or you bring more cash. More gates - but employment "history" - not really.
If you all want lessons on mortgages - wife is at home this afternoon - ask away. I've got some pretty good experience myself - wife had property we now rent - then we bought St. Louis Heights property which we now rent - bought downtown condo - which we now rent - and now own in Kailua - all in the past 5 years.
Gate #1 is your credit score (stop if to low). Gate #2 is down payment (stop if to low). Gate #3 - income to loan payment ratio (stop if doesn't meet guidlines). Gate 4 - appraisal - they won't lend if the appraisal comes in to low - unless the seller comes down in price or you bring more cash. More gates - but employment "history" - not really.
If you all want lessons on mortgages - wife is at home this afternoon - ask away.
Thank you for the info. I was hoping to find many personal sources like this because as you indicate-you can't always find the most reliable sources. Can you tell me any more details about your gate 3? Not bc it worries me but bc I'm just ignorant to that subject. Does she know any info abt usda loans?
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