USDA UPDATE for HAWAII 2010
Fiscal Year 2009 USDA Shattered all Records
133,045 Loans Guaranteed and $16.2 Billion Obligated Nationally
The US Depratment of Agriculture has an outstanding loan program available and if you are not aware of it then you are missing a golden opportunity to help families (that would be declined by FHA or Conventional progams) into a home in this Buyers Market.
· November 8th $55 million in Funds were replenished and are available
USDA Loan Facts
USDA Rural Home Loans have some outstanding benefits over ANY other type of mortgage loan you will find for Hawaii. USDA Loan Benefits include:
· True Zero Down Financing - USDA Rural Home Loans let you keep your cash in your bank account
· The program is available for FHA/VA approved Condos in Kapolei/ Ewa Beach etc. These were considered rural areas in the 2000 census and will most likely be removed after 2010 census results in 2011.
· Zero To Move In - If properly set up, you wont need to bring any cash to closing. The average is just about $158 or so to close with a USDA Rural Home Loan in Hawaii
· Down Payment Assistance - Seller assisted Down Payment Assistance has been eliminated for FHA but is still available for USDA Home Loans.
· No Monthly MI - On a $200,000 home you could save up to $11,000 in mortgage insurance payments over the next 10 years as compared to FHA
· A Good Portion of Honolulu County qualifies for USDA Rural Home Loans - Ewa Beach, Makakilo, Kunia Kapolei, Waianae, North Shore and Waimanalo http://eligibility.sc.egov.usda.gov/eligibility/welcomeaction.do
· Generous Qualifying Ratios - Due to low rates, No MI and superior performance of the USDA Rural Home Loan it is much easier to qualify than for Conventional or FHA Mortgage Loans
· Not just for First Time Home Buyers
· No HVCC Appraisal Backlog (like there are for Conventional or even VA loans)
· Income Limits for Honolulu County (115% of Median Income)
1-4 Person $109,400 5-8 Person $144,400