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All You Need To Know About FHA Loan Program in Hawaii

The FHA home loans are one of the most preferred programs. This program has been around for quite a long time, and there are different programs to help many people make the dream of owning a house a reality.

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All You Need To Know About FHA Loan Program in Hawaii

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  1. All You Need To Know About FHA Loan Program in Hawaii

  2. FHA or Federal Housing Administration home loans are a wonderful option for buyers wishing to purchase a house and also homeowners wanting to refinance.  The FHA home loans are one of the most preferred programs.  This program has been around for quite a long time, and there are different programs to help many people make the dream of owning a house a reality.

  3. FHA home loan programs have been helping the residents of Hawaii since 1934. A licensed broker linked with a dependable company like Infinite Financial can directly assist you in choosing an incredible FHA home loan program with a  low down payment and a quick pre-approval.  

  4. FHA loan program works the best for – • Borrowers who are unable to make a major down payment.  • For people wanting to pay low monthly installments.  • For those whose credit score is not above a certain level.  • For someone finding it hard to qualify for a standard home loan.

  5. WHO CAN GET FHA HOME LOANS? The FHA home loan program is popularly known as the ‘first-time homebuyer’s program’ despite the fact that anybody can apply for it. This special program enables a first time home purchaser, who may not meet all the requirements for a home loan, get one, on the grounds that the risk is eliminated from the lender by the FHA who insures the loan amount.

  6. Many people think that FHA home loans are only for first time buyers. Actually, the fact is that at one time you can have just one FHA loan, whether it is your third house or the fourth. It is important to note here that home loan rates for FHA are set on area basis and vary from county to county. Honolulu mortgage rates for FHA vary depending on different factors like housing types and the current value of local residential properties.

  7. WHAT ARE THE REQUIREMENTS TO QUALIFY FOR A FHA HOME LOAN? For first-time homebuyers, the FHA loan program is a remarkable method to purchase a house as you can obtain a home loan even if your credit score is not that great, and also, if you cannot afford to pay a significant amount as a down payment.  To meet all requirements for a FHA home loan in Hawaii, your loan amount should be under local FHA loan limits. 

  8. SOME KEY POINTS TO NOTE • Down payment of just 3.5%! Additionally, with a credit score of 620+, you can use 100% gift funds towards closing costs).  • Steady work and income for the past 2 years.   • Credit score of at least 580+ required.   • Also, it is needed to prove that you will treat the house purchased from the loan amount as your primary residence. 

  9. So, whether you are thinking about refinancing your house or wish to purchase your first home or even your fourth one, acquiring a FHA loan with the help of a qualified broker at Infinite Financial is a great decision SOURCE CREDIT : https://mortgageloanhawaii.wordpress.com/2021/05/18/all-you-need-to-know-about-fha-loan-program-in-hawaii/

  10. THANK YOU FOR WATCHING

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