FHA Steamlines Refinance Process

If you have an FHA loan and are looking to refinance you'll be interested in the upcoming streamlined process.  This will be effective June 11th, 2012

• Qualifying homeowners must be current on their payment
• The new lender is not required to verify the homeowner’sincome
• The new lender isnot required to verify the homeowner’s employment
• The new lender is not required to verify the homeowner’s credit score
• Homeowners FHA loan must exist mortgage before May 31, 2009
• The new lender is not required to have an appraisal

For more information on financing or real estate please contact us 888-988-6248 | www.choicehomeshawaii.com. 

Q. When I put my home on the market in a few months, how will market value be established?

A.Market value is simply what a buyer is willing to pay and a seller is willing to accept.  This answer assumes that both parties are well informed about closed home sales that are “comparable” based on four important factors:

1. Location.  Even within the same city, different neighborhoods can have completely different market values.  Compare prices of recent sales in the same community.
2. Age.  Comparable homes should be built within a couple of years of yours.  Building codes and style trends vary with time and greatly affect value.
3. Size of home and lot.  Buyers are sensitive to the price per square foot.  Your home may be unique but buyers will compare the price per square foot with neighboring properties for both the home and the land.
4. Property condition.  As the seller, you have many opportunities to increase the attractiveness of your home by getting it in tip-top condition and staging the rooms before placing the home on the market.

If you’re thinking of selling your home this year, you need to know about our Home Value Analysis.  It is a complete top-to-bottom review not just of the value of your home, but every aspect of your home.  To request a no obligation audit of your home’s value or if you have any questions, please call us at 888-988-6248 or go to www.choicehomeshawaii.com. 

A Short Sale That Might Actually Be Short

Many of those who have attempted to purchase short sales understand that the name is not indicative of a quick sale.  In fact, short sales have been known to take 3-6 months while the lien holder(s) attempt to funnel through as many approvals as they can.  Well, the reality of this long wait is that many buyers can not hold out that long and look for other homes to purchase.  I've been on the seller side of a short sale and Bank of America took so long to respond that we were in and out of escrow seven times because the buyers could not wait. 

Well, Fannie Mae and Freddie Mac are now requiring lenders to make a decision no more than 60 days after receiving an offer.  The regulator for Fannie and Freddie, the Federal Housing Finance Agency, said that this is a step to"develop enhanced and aligned strategies for facilitating short sales, deeds-in-lieu and deeds-for-lease in order to help more homeowners avoid foreclosure."  Additionally, if a loan servicer makes a counteroffer, the borrower is expected to respond within five business days. The servicer must then respond within 10 business days of receiving the borrower's response.

The new short sale timeline will take effect this June. 

Yes, This Is Makaha!

I know that we don't typically associate Makaha with 4,000 square foot homes on 47,000+ square feet of land and even more so at a price of $865,000 (FS).  But here it is!  Huge home in prestigious Mauna Olu subdivision. Located at end of Alahele next to heiau entrance. This mini estate has a newly painted interior and is located in the beautiful Makaha Valley next to golf and world famous Makaha Surfing Beach. This listing is courtesy of Foster Realty, Inc.  For more information on cool properties contact us 888-988-6248 | www.choicehomeshawaii.com

Costco Mortgages?

The next time I'm purchasing my Fiber One bars from Costco I can grab a brochure and look into home loan options.  Yes, Costco is now providing loans via First Choice Bank, a New Jersey community bank and 10 other lenders.  Not sure how I feel about this given that financing is a serious subject that should be more highly regarded than a daily commodity.  But given the reach of Costco and the trust that they've established with their members it appears that this new division will be making waves.  Here is their site in case you were curious: https://www.costcofinance.com/.  For other financing related questions contact us 888-988-6248 | www.choicehomeshawaii.com.  

USDA Financing Changes October 1st.

USDA Rural Development Loan

This loan offers 100% financing of property’s appraised value plus one time guarantee fee can be included. The property must be located in a an eligible rural area as defined by USDA. In addition, the household income may not exceed the adjusted income limit for household size based upon the number of people who will occupy the home as their primary residence.

· 30 Year fixed rate.

· Not limited to first time homebuyers.

· No monthly mortgage insurance.

· No minimum required FICO (credit score).

 

On October 1st there may be a change to the elegible areas where USDA financing can be used.  Currently, Kapolei, Ewa, and Makakilo are in question. Stay tuned for further updates and visit www.choicehomeshawaii.com/usda.asp for more information.

DEAL OF THE DAY: Kula Lei in Ewa

Rarely available Prescott on the Green home in Ewa by Gentry Kula Lei.  4bd/3ba with 1,800+ interior SF along Coral Creek Golf Course (3rd Tee).  Fully enclosed yard and priced at $520,000 (FS).  This is a short sale subject to lender approval.  Listing courtesy of Island Realty Group, LLC.  Contact us for a showing 888-988-6248 | www.choicehomeshawaii.com

Learn The “Hula Mae” And Get A Rate At 3.45%

What is the Hula Mae Program?

The Hula Mae Program offers eligible first-time homebuyers with 30-year mortgage loans at very competitive interest rates.

How does Hula Mae work?

The participating lender accepts and reviews your application to determine your eligibility under the guidelines of the Program. Once your eligibility is verified, the lender will process the loan application and, upon closing, deliver the loan to HHFDC.

What are the Hula Mae loan terms?

The simple interest rate for a Mortgage Loan starts at 3.45% (3.65% APR*). Please contact a participating lender for the current rates. The maximum term of the loan is 30 years. A total of 1.25 point (1.25%) is charged on a Hula Mae Loan. This is a one-time charge.

Is Down Payment Assistance available?

Yes, down payment assistance may be available for up to 3% of the contract sales price. The simple interest rate for a Mortgage Loan with Down Payment Assistance starts at 3.80% (4.00% APR*). Please contact a participating lender for the current rates. The maximum term of the loan is 30 years.  A total of 1.25 point (1.25%) is charged on a Hula Mae Loan with Down Payment Assistance. This is a one-time charge.

Who is eligible to borrow?

• You are a bona fide resident of Hawaii.
• You are a citizen of the United States or declarant alien.
• You are 18 years or older.
• You have not previously received a Hula Mae loan.
• You are a first-time homebuyer (you or your spouse cannot have any interest in a principal residence or a beneficial interest in a land trust involving a principal residence, within or without the State of Hawaii for a period of 3 years prior to applying for a Hula Mae Loan). This requirement does not apply to loans made in targeted areas.)

For more information go to www.choicehomeshawaii.com/hula-mae.asp or call an experienced team member at 888-988-6248.

Q. What Color Do I Paint My House?

A. Picking the right paint color can be more difficult than figuring out what to wear.  At least you can go home and change your clothes if you find yourself mismatched.  It is a good idea to first observe what kind of home you have and then determine what you want to accentuate.  For example, if you have an older home with classic architecture, you may want to recreate the same nostalga of that era by analyzing old paint chips or looking at what color schemes were popular at the time.  Or if you wanted to spice up the scene, look at modern colors that emphasize the classic lines and try not to get too eccentric.  Here are some other helpful tips:

1)  If you are in a planned community, be sure to adhere to the association guidelines and make sure your color matches.  This might be boring but will save you from painting your home twice. 

2)  Consider your neighbors and find a balance between your preference and their appearance.

3)  Borrow from Nature:

• Trees and Shrubbery: Deep greens, moss colors, browns, and russet
• Water Views: Blues, greens, and turquoise
• Mountains and Cliffs: Greens, grays, and browns
• Deserts: Oranges, reds, golds, and browns

4)  Be sure to harmonize.  If you like a certain set of sheets, drapes, or pillow cases perhaps you can start with those colors and match your interior walls accordingly. 

5)  Focus on the details.  Do not be afraid to use multiple colors.  In addition, you can accent shutters, moldings, doors, brackets, columns, and porch decks. 

6)  Use light colors to make spaces feel larger and darker colors to add drama.  Darker shades are good to accent recesses and lighter tones will highlight details that project from the surface. 

For more home decorating tips or if you need guidance in adding value to your home contact us: 739-4174 | www.choicehomeshawaii.com

How Can I Choose The Right Professional?

When selecting the right professional it is not just buying the service, it is choosing the right service relationship that fits your needs. Rather than just hiring a person who is “nice” or “looks honest”, here are four C’s that might help:

Character: Do the values and business practices of the professional benefit me? I prefer to work with a professional who has integrity, has my interest at heart and whose philosophy of business I can understand.

Competency: Is this person someone who understands their practice and has enough experience that they can confidently guide my decisions? This typically means someone who knows current issues, laws, and continually educates him or herself.

Chemistry: Do I feel comfortable working with this person and is this relationship one that I can have long-term? This is not someone who I can hang out with on the weekends, but someone that I can carry-on a conversation with and knows where

I’m coming from.

Commitment: Is this person committed to service my needs from start to finish? When a person is there to lead the way and make sure that all the loose ends are tied, I am assured of their commitment to good service.

Should you know of anyone looking for a real estate professional that ascribes to these four C’s contact us:(808)739-4174 | www.choicehomeshawaii.com.