HONOLULU (HawaiiNewsNow) - Many people think that they can't buy a home because banks aren't making loans, they won't qualify or they don't have enough money to put down. But, banks are lending – it is all about the documentation. We spoke with Tracy Yamato, a realtor with Coldwell Banker Pacific Properties and Joy Skorge of Pacific Access Mortgage. Here are some of the points they made.
There are plenty of home loans available.
- Underwriting standards are back to the traditional basics - as they were about 10-15 years ago before the sub prime lending phase.
- If you have income, some assets and a good credit score, you will qualify.
- The key is the documentation. You need to document your income, assets, and good credit history.
You can get into a home with little money down.
- Some government programs don't require any down payment.
- Other conventional loans require as little as 3% down.
- Many times the money can be "gifts" from family members. The down payment doesn't always need to come from the borrower's own funds.
Loans are available above a million dollars.
- Jumbo loans are over $625,500, but we are talking about loans in the 1 to 2 million dollar range
- In the last 2 years, jumbo loan programs were scarce to say the least
- Jumbo loans are available again – more lenders are lending in these big loan amounts