Down Payment Resource for Hawaii

By
Real Estate Agent Realtor Associate

Let's face it, living in Hawaii is expensive. From bread and milk to gas and housing, everything is marked up compared to most places in the rest of the United States. We affectionately call it "the price of paradise." (More in an article on CivilBeat.com by Kery Murakami) In reality though, that means that while the national median price for a single family home is $201,700 (as of April, 2014), the median price for a single family home on Oahu is $640,000 (as of April, 2014). That's a difference of over $400,000! (Statewide it doesn't fare much better at $560,000 for a single family home.) There are so many people out there who have great jobs and good credit that although they want to buy a home, they can't because trying to save money for a down payment in a place where your electricity costs at least twice as much per kilowatt hour than anywhere else in the country, can be next to impossible. Even with a low down payment of 5%, that means people in on Oahu need to save $32,000; that's three times the amount they would need if they lived in the continental United States!

Today I was fortunate enough to be able to attend a workshop at the Honolulu Board of Realtors to learn about the new Down Payment Resource (DPR) program offered by HiCentral MLS. This program makes it so easy for not only Realtors but also consumers to learn about and see what Down Payment Assistance Programs there are available. Here on Oahu, there are 17 Home Buyer Assistance Programs and 7 Housing Financing Agencies. About 72% of the properties listed in the HiCentral MLS are eligible for one or more of these programs.

The DPR program is great because all you need to do when you find a property you like, is check to see if it is eligible and then check to make sure your household is eligible; and you can do all of this online. (You can check it out here.) They have down payment assistance programs, tax credit programs, and more!

It's just a really great resource for anyone in, or looking to get in, the exciting game of real estate that we love so much. Like my grandma used to say, "Why pay someone else's mortgage when you can pay your own?"

Comments (2)

Stacey Williams
Alpharetta, GA
Experienced Metro Atlanta Real Estate Agent

Jennifer, Nice first blog! Welcome to ActiveRain and keep adding good content! Aloha!

Jun 20, 2014 02:45 AM
Jane Chaulklin-Schott
TEAMCONNECT REALTY - (407) 394-9766 - Orlando, FL
TeamConnect Luxury Homes - Orlando, Florida, 32836

Aloha,  Jennifer! Mahalo for the great information in this post. I am definitely going to do some research on the programs you wrote about. I miss Oahu - lived 2 years at the Island Colony along the Ala Wai when I attended the University of Hawaii Manoa. Miss Waikiki, Chicken Katsu, Zippy's Mac Salad, the beaches, North Shore, Matsumoto shaved ice (Haleiwa),  Huli Huli chicken...You are very fortunate to live in paradise - except for the traffic:) Was there in Fall and Waikiki looks great!! Stayed at the Wyndham on Lewers and climbed Koko Head. Welcome to Active Rain

 

Jun 20, 2014 03:01 PM