Prior to the financial meltdown in 2008, just about any Tom, Dick, or Harry could get a zero down stated income loan. There were very few obstacles in the Hawaii buyer's way that would cause them to not qualify for a loan back then. We all know that today loan guidelines are much different. For starters, the type of loan we made mentioned of above doesn't even exist anymore. There are much more lending restrictions for buyers when purchasing Hawaii real estate that can often times kill the deal right in its tracks. We have compiled a list below of "Do's" and "Don'ts" for Hawaii buyers that, if followed, will increase a buyer's chance of qualifying for a mortgage.
DO
• Run your credit report
• Get Pre-Approved by a Hawaii real estate lender
• Be open and honest with your Hawaii loan officer about all aspects of income, debts, employment and assets. (They are on your side and the more they know the more they can help you).
• If cash on hand is needed for the Hawaii real estate transaction, deposit it ASAP
• Save your money
• Set a budget for your housing expenses
DO NOT
• Pay off your debts without checking with your loan officer. You may not have to and at the same time you may jeopardize reserves that your lender requires you to have in order to qualify for the loan.
• Co-mingle deposits with ..................
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