Archive for the 'Mortgages & Financing' Category
Home Tax Credit Rules Honolulu Buyers
December 22nd, 2009 categories: For Buyers, Military, Mortgages & Financing
The vaunted Federal Home Buyer Tax Credit has been extended through the end of April 2010. As you can imagine there are a great many rules and conditions to consider when using it to complete your purchase. Ron Li (808-778-6538), a mortgage lender with Metlife, mailed me a helpful and detailed set of handouts that should answer almost all of questions about the available credits. Just click on the links below to get the information relevant to your situation.
First time buyer tax credit information (details).
Move up homebuyer tax credit (details).
Homebuyer tax credit for military personnel (details).
Homebuyer tax credit resources.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Rare Two-Floor Honolulu Condo Penthouse
December 7th, 2009 categories: Mortgages & Financing
Here is a penthouse unit for the person who wants insane views of Honolulu, city lights and the Koolau mountains. Centrally located in Waikiki on the Ala Wai canal, just across the McCully bridge. The following are the details of the unit.
Price: $625,000
Building: Hawaiian Monarch
Address: 444 Niu Street Street, Honolulu, HI 96815
Bedrooms: One (1), there is a loft on the 45th floor that could be used as an office or second bedroom. Read the rest of this entry »
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Interest Rates Hit All-Time Low!
December 3rd, 2009 categories: For Buyers, Mortgages & Financing
The Chicago Tribune is reporting that mortgage interest rates have hit an all-time low.
“The average interest rate for a 30-year mortgage dropped to Read the rest of this entry »
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Honolulu Triplex-Close To Diamond Head & Kahala
October 22nd, 2009 categories: Mortgages & Financing
If you are looking for a super clean three unit in the center of Honolulu, this clean and cute project might be perfect. The following are the details of the unit.
Price: $998,000
Part Of Town: Kaimuki (Kahala Heights for those that know)
Street: 21st Avenue, Honolulu, HI 96816
Bedrooms: Upstairs-two (2)/downstairs one (1)/back house-two (2)
Bathrooms: Upstairs-one (1)/downstairs one (1)/back house-one (1)
Lot Size: 7,500 square feet
Interior Square Footage: 2,156
Lanai Square footage: 0
Parking: Open parking on the lot and street parking
Maintenance Fee: $0
Condition: Very clean. No deferred exterior deferred maintenance.
CLICK HERE FOR A MLS FACT SHEET
Use for your 1031 Exchange property or buy it to live in one and use the other’s rent to subsidize your monthly housing cost.
Feel free to email me at keahi@lava.net or call me at 808-398-3220, if you have any question.
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Two Honolulu Houses On One Lot
October 22nd, 2009 categories: Mortgages & Financing
If your thinking you might like a house of your own with a separate rental house on the same lot, this one might be for you. Located in Honolulu’s desirable community of Kaimuki, live in one and rent out the other. If you like it, hurry because it will sell fast.
Price: $868,000
Part Of Town: Kaimuki
Street: 4th Avenue, Honolulu, HI 96816
Bedrooms: Front house 3-bedrooms, back house 2-bedrooms
Bathrooms: Front house 2-baths, back house 1-bath
Lot Size: 5,441
Interior Square Footage: Front house 1,486, back house 484
Parking: Lots of open parking on the lot and street parking too
Maintenance Fee: 0
Condition: Vacant ready to move in. Very clean.
CLICK HERE FOR A MLS FACT SHEET
Perfect for extended family. Central to everything in Honolulu. Cut your drive time and housing costs (by renting out one of the homes).
Feel free to email me at keahi@lava.net or call me at 808-398-3220, if you have any questions or would like more pictures of the condominium.
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Three Honolulu Homes & Three Honolulu Condos For Sale
October 15th, 2009 categories: Condos For Sale, Mortgages & Financing
Here are more interesting Honolulu home and condo listings that have come up for sale over the last days.
Honolulu Homes
Moiliili, 4 bedroom 2 bathroom, $735,000
Walk to Diamond Head, Kapahulu, 4 bedroom 3 bedroom, $779,000
Diamond Head, Swim To Black Point, 4 bedroom 3 bathroom, $2,495,000
Honolulu Condos
Walk To Walmart, 2 bedroom 2 bath, Terrific Building, $299,000 (LH)
Diamond Head, 1 bedroom 1 bathroom, Top Floor, $375,000
Imperial Plaza, 2 bedroom 2.5 bathrooms, 2 parking, Gigantic Views, $649,000
These listings are listed by other real estate companies and I can represent you. Email me at keahi@lava.net or call me at 808-398-3220 and let’s schedule a time to see one of the properties.
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Blaspheming!
October 9th, 2009 categories: For Buyers, For Sellers, Mortgages & Financing, Rants & Riffs
As much as I try to stay in my area of expertise (Honolulu real estate), I am going to drag you and myself into the impact of national tax policies and attitudes on the value of homes and condos on Oahu. I read Real Clear Markets every morning because they do a good job of conglomerating (wow, $2 word) financial articles from many different sources. Anyway, they posted a link to an article at the Wall Street Journal that talked about the beating the dollar has been taking against other world currencies. The quote that caught my eyes is below. Read the rest of this entry »
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A Jumbo ARM Doesn’t Look Good At The Beach!
October 8th, 2009 categories: Mortgages & Financing, The Market
I am generally an optimist. I believe that in most things, silver linings can be found. Over the last few months we have seen a trickle of good Honolulu real estate news (increasing sales and shrinking inventory as an example) turn into a stream. As long as a buyer is a long-term investor, I am always comfortable buying now.
As for selling, we very well may be at a bottom in the market, so does this mean it is a bad time to sell since rising home prices could be coming? My short answer is I don’t know. The long answer is that according to many much smarter watchers of the economy, there are things like a looming commercial mortgage default boom, expanding unemployment and increasing national deficits. While reading Forbes on-line this morning they added another potential problem for the financial industry to work through…resetting adjustable rate jumbo mortgages.
“But looming behind these ordinary jumbos, there’s a worrisome, wealthy man’s subprime crisis in the works. Many of the well-off took out “option-ARM” or “Alt-A” loans. The attraction: Little or no proof of income to qualify for the loans and, often, artificially low payments for five years after they were granted. Problem is, these loans demand higher catch-up payments in later years so even if rates fall, monthly bills will rise.” CLICK HERE TO READ THE ENTIRE FORBES ARTICLE
I can tell you that among the people I know, I am not aware of any that have used an adjustable jumbo to buy a property. If this is the case (hopefully it is) for the balance of Honolulu’s jumbo buyers, maybe Oahu can be spared the pain of the shake out. On a national basis, many of these loans were take out and the resetting of the base interest rate is on the horizon. If interest rates remain low, these barrowers could actually experience a reduction in their monthly payments, wouldn’t that be great. But if rates rise, they could experience significant increase in monthly payments and the fear is that this will drive them into defaulting on the loan. Increasing defaults would lead to more foreclosures and this could act as a damper on markets where these homes are located.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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What Happens To You When Your Landlord Is Foreclosed?
October 5th, 2009 categories: For Buyers, Mortgages & Financing
I am an advocate of home ownership and am always looking for reasons to own a home in Honolulu rather than renting it. Last week’s Wall Street Journal online had an interesting Q and A regarding your rights if a landlord should happen to be foreclosed on while a home or condo is rented to you. Read the rest of this entry »
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FHA Is Key To Low Down Honolulu Home Buyers
October 1st, 2009 categories: For Buyers, For Sellers, Mortgages & Financing
The Federal Housing Administration (FHA) residential loan programs are the last low down loan programs available for non-veteran barrowers. The maximum loan available for a Honolulu home or condo is $793,750 and a buyer can put as little as 3.5% down. Compare that to a 10% down payment requirement under current conventional loans. Forbes has an interesting article talks about recent growth in the use of FHA loans.
“During the current recession, the New Deal-era FHA’s share of government underwritten mortgage business in the U.S. has surged to 23%, despite increasing concern about asset quality and potential losses. Following its report, there are fears that the FHA’s financial woes could necessitate a significant injection of government funding.”CLICK HERE TO READ THE FORBES ARTICLE
If you don’t think you have enough cash on hand to meet current down payment requirements, think again! The use of an FHA loan and proper planning can get you into your new home with very little cash out of your pocket.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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