PARTNER WITH A LOCAL MORTGAGE ADVISOR in Funding Your Residential Property
Makai Mortgage offers a variety of personalized loan options whether you’re a first-time homebuyer or you’re looking to buy a second home. On this page, I provide you with information about our most popular products and the options you can work with when purchasing condo or condotel type of properties.
You can find the right mortgage program that fits your needs through my offers. Check out more information about my loan options.
This is a loan that is backed by private lenders. Clients pay a fixed rate that is also customizable depending on their financial capabilities.
Also known as a jumbo mortgage, this loaning option is applicable when the borrowed amount exceeds the FHFA limit.
Federal Housing Administration (FHA), United States Department of Agriculture (USDA), and Veterans Administration (VA) are the three types of government-backed mortgages. Compared to private lenders, these programs offer lower interest rates for potential borrowers.
Clients belonging to this category can often qualify for different loan benefits such as low government assistance on closing costs, grants, and low down payments.
Condo or Condotel Options
Unlike in other locations in the country, condos and condotels in Hawaii differ significantly because of their unique characteristics. This is why most mainland lenders are not equipped to transact mortgages for most of the condominium-type properties here. You should also be aware that there are cases when mainland banks cannot lend on the properties and are only recognized long after the loan was “approved.”
When shopping for a condo in Hawaii, you will encounter three different classifications. The required down payment and interest rate available to you will depend greatly upon which category the condo of your dreams happens to fall into.
Having a warrantable condo means that it has met agency guidelines. The agency loan programs are Fannie Mae, Freddie Mac, and government programs such as VA, FHA, and USDA.
There are a variety of factors that are taken into consideration in assessing if a condo is financeable. These include the following:
- Property Vacation Rentals
Leases of less than six months are considered short-term or vacation rental.
- Available or Obtainable Documents
Completion of property documents such as the RR105C form is crucial in having a property be considered “warrantable.” There are potential issues that can arise from the RR105C form or condo questionnaire as it may be financed by one of our propriety and non-warrantable condo loan programs.