Notes and News on Current Loan Programs

Last week, Dan Bardenhagen of Wells Fargo Home Mortgage Loans stopped by to give Wailea Realty Corp. some updates on current loan programs offered by Wells Fargo.

Dan sure got my imagination going!

Here is a brief overview of some loans that might spark your imagination, coupled with Wailea Realty Corp listings. Be sure to speak with Dan for specifics about your unique situation.

For starters: If you are a first time buyer, and plan to live in the house or condo, there are some great options for you to take advantage of right now. With a standard conforming loan (up to $625,500), there are programs for as little as 5% down.

Let me see…that means if you are considering purchasing the condo at Maui Gardens, Unit E-20, that Wailea Realty has listed at $250,000, that means $12,500 is all you need for a down payment, if you qualify for this loan.
But wait a minute – there are some Government loans that you should know about: FHA has a program where you only need 3.5% down. There is a nice home located at 818 Mahealani Place, that is a 3 bedroom/2bath beauty in an established neighborhood listed for $545,000. That would be under $20 thousand for the down payment on this FHA program.
There are some Rural Development loans that have income limits, that are 0% down! Maybe Unit 8-204, that condo at Keonekai Villages, which is a 2bedroom/1.5 bath unit and listed for $275,000 would be a great starter for you…instead of paying rent…and it comes with a washer/dryer!

The VA loans are so sweet also with 0% down for qualifying veterans. There is a very private home located at 172 E Welakahao Road that would be a great property to use that funding to purchase…it is a cedar home with 1628 sq. ft., has 3bedrooms/2baths and is walking distance to the ocean…
Homepath loans are 5% down for owner-occupied homes. There are 3 units at Kihei Shores that are classified as Homepath properties. If you are not in need of a starter home, the programs offers 10% down for a 2nd home or investor. Amazingly there is no mortgage insurance fee associated with these and no property appraisal needed since these homes or condos are already designated as Homepath eligible. You would find working with a Realtor helpful with this process. Homepath information is online.

Are you a union member? Active and retired union members, parents and children should know about this program called Union Plus. If you qualify, why not consider making an offer on this Kula property that comes with one spectacular view, located at 133 Ka Drive.

How about this one: if you are 59.5 years old, you can start drawing on your IRA and this will count for your income source. Why not check out this Kai Malu unit 68-A as a part-time retirement spot…because when you live at Kai Malu, you enjoy the sweet life!

For non-conforming loans (above $625,500) Dan offer the 20% down loan that goes up to 2million. Hmmm. up to 2 million…I’ve always loved that home in Wailea Pualani, located at 3109 N. Noho Loihi Way

Some ARM loans are becoming popular again. There are 5/1, 7/1, and even a 10/1 arm which is based on the LIBOR index. The 7/1 seems to be the most popular.

Does your income fluctuate? Do you get large checks at unpredictable times? There is a program known as the non-conforming recast option, which is a jumbo loan that you pay down in chunks yet your interest rate stays the same. Why not use this loan and check out two magnificent homes on the North Shore...the estate located at 355 Kuau Beach Place feels like old Hawaii.
And 23 & 5 Waa Place – an architectural masterpiece.
There is an interest only jumbo loan with certain borrower qualifications . If that is you – check out this beautiful Kaanapali home located at 89 Keahilele Place.

If you are buying as an LLC, all members of the LLC will be on the loan. Get your friends together and check out this Makena Surf Unit F-203 which is oceanfront.

Dan is licensed to lend in all 50 states. Hmmm….A quick re-fi of some mainland property might allow you to bring cash to the table for that condo at The Palms on Maui, Unit 202.

Speaking of condos, if there is a front desk, it is considered a condo-hotel and different rules apply. Some loan programs for a condo-hotel require 30% down (25% for strong candidates).
Unit 5-305 is a great listing at Kamaole Sands with vacation rental potential…

Hope I sparked your imagination! And thanks, Dan, for sparking mine…

I am quite happy to assist you in your search for Maui Real Estate. You can email Nancy Ulin or give her a call or text at (808)298-3820. LuckyLiveWailea

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