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Loan Program Tip:
If you have a recent credit
report score, it will better help you understand which program
will best suited for you. When you are ready to start the loan
process we can run a credit report for you. However, if you
are unsure, you can have a credit report pulled for you at:
www.consumerinfo.com
The report is free, but to obtain a score it will cost $5. This
credit report will not count as a credit inquiry, and therefore
not go on credit record.
Loan Terms Defined:
LTV = Loan To Value. Loan to
Value is one of two major qualifying ratios. Take the Loan Amount
and divide it by the Appraised Value of the Property will give
you the LTV for a refinance. Take the Loan Amount and divide
by purchase price and that will give you LTV for a purchase.
The other Ratio is the Debt to Income Ratio (DTI). This ratio
is used to determine if your current bills and proposed mortgage
are reasonable in relation to your income.
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About Our Home Loan
Programs
Best Possible Home Loan Solution
Homeloanhawaii.com strives to integrate the Internet
with real time business to create an efficient space that
customers can count on for accurate information. However,
keep in mind that home loan programs and rates change
on a daily basis, and that it would be quite impossible
to list every offering that each lender provides. We hope
you will view the information below as a general guideline
and not the final word in lending criteria.
Below is a list of some of the more popular home loan
programs. 30 year loan programs listed only. If you are
interested in a 15 year loan program or if you have questions
about a particular mortgage program, please send it via
e-mail, or you can call us at 808-429-8846. Thanks for
your interest!
- 100% Financing "Stated"
Loans
Very popular with clients where full documentation
of income is not feasible. Income can be stated by
client and not verified. Stated Income must be reasonable
for current occupation. Normal Documentation for this
loan type is often fairly light. Client must pay for
closing costs only, at time of closing. Minimum credit
score of 640.
The interest rate is dependent on credit scores.
- Conventional / Conforming
30 Year Fixed Loans
Max Loan Amount $322,700. Recommended FICO score of
at least 500.
LTV varies but as a general rule, lower credit scores
command lower LTV ratios. Generally, full documentation
is required, but with higher credit ratings and better
LTV ratios can be NO INCOME, NO ASSET verification
or stated.
- 100% Financing "Full
Docs" 30 Year Fixed Loans
Good for property purchase or refinance at minimum
credit score of 580.
Must have 3 active trade lines, one which must be
considered a major tradeline.
UNDER CONSTRUCTION. MORE TO COME
- General Rule Of Thumb
The greater the perceived risk that a lender has to
take when making a loan, the higher the interest rate
will be as compensation for taking that risk. On the
norm, a person who puts 20% down on house will most
likely have a lower interest rate than a client who
finances his house 100%. Good credit scores will carry
lower interest rates as well, so be mindful of your
credit history.
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