Real Estate of Mind: Can I get a mortgage? - Hawaii News Now - KGMB and KHNL

Real Estate of Mind: Can I get a mortgage?

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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

Talk to a professional agent like Tracy Yamato about your options or contact Pacific Access Mortgage.

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