VA APPROVES WATER CATCHMENT!!

It's an announcement we've waited over two years to hear but, yes! VA will now guaranty loans on homes with water catchment tanks in Lava Zone 2 and above!  It was a real blow when it was taken away in late 2011.  With some lobbying work by our politicians, including Representative Tulsi Gabbard, VA has reversed its policy and is on board again! Please check out the link bel...
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Your First Island Home Loan Application

Island Home Loans Application
If you've never bought a home the process can be daunting. At Island Home Loans we consider the borrower the most important part of this process. We have done everything possible to make the entire home loan and home buying experience fun and rewarding. Finding the right home is critical. We want you to be happy in your new home. Buying a first home might be easier than you th...
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Veteran Home Loans | For Purchase and Refinancing

Veteran Home Loans
Veteran Home Loans are one of our loan specialties. We love helping the Men and Women who have served in our armed forces and we can help! First, thank you for your service. We deeply appreciate the sacrifices you've made and are committed to making sure you get into a home loan that you can afford. Second, let's meet so we can go over all your options. If you would like, you...
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The 123’s of Preparing to Buy Your First Home: Part 5- Employment

Lenders need to see two year job history in the same line of work.  Good news if you went to school for your field, this may factor into your job history with supporting documentation (transcripts, diploma, etc.) Gaps in employment over the past 24 months will need to be explained and second jobs are often not factored if they have not been held for 24 months or more.
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The 123’s of Preparing to Buy Your First Home: Part 4- Credit Scores

Most lenders that we work with currently have a minimum credit score requirement of 620.  Lenders use the lowest "middle score" of all borrowers applying for the loan.
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FHA Lowers The Loan Limits In All Counties

FHA loan limits for 2014 have been reduced from 2013.  In some counties, the limits are being lowered over $100K.  Some loan limits are below 2014 conforming loan limits.  The lower loan limits will be effective with FHA case numbers issued on January 1, 2014 through December 31, 2014.  FHA case numbers can be issued when there is a bona fide loan application.  We would hate fo...
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‘QUALIFIED MORTGAGE’ AND WHAT THIS MEANS TO YOU…

The Consumer Finance Protection Bureau (CFPB) is an entity formed by the government to oversee and maintain compliance of any companies doing real estate mortgages.  Regulations drafted by the CFPB will change the definition of a qualified mortgage for any loan applications received on and after Jan. 10, and many consumers may find themselves unable to meet the new requirements...
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2014 Conforming Loan Limits for Hawaii

The Federal Housing Financing Agency (FHFA) who oversees Fannie Mae and Freddie Mac, confirmed that conforming loan limits will remain unchanged from 2013 to 2014. This is great news as a few weeks ago, officials were indicating that we could see conforming loan limits reduced in early 2014. Loan amounts above conforming limits are considered “jumbo” or non-conforming. Hawai...
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The 123’s of Preparing to Buy Your First Home: Part 3- Credit History

It’s ideal to have three to four lines of credit in good standing for two years or more. Your credit lines should be used once a month with less than 30% of the credit line in use for revolving debt. New credit lowers scores and old established credit that is paid on time raises credit scores.
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The 123’s of Preparing to Buy Your First Home: Part 2- Bank Statements

Be prepared to provide all pages (even if blank) of your two most recent, consecutive bank statements.  If bank statements show any deposits that are non-payroll, we must know where the deposit came from, e.g. copy of check, invoice, etc. to prove source. Lenders want to know where your funds came from.  
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The 123’s of Preparing to Buy Your First Home: Part 1- Assets

If you have a stock or bonds account, cash value life insurance, investment or retirement account that you're not planning on using for down payment, often times these accounts are great to have on your application to show you have "reserves" after savings and checking.  Additional assets add financial strength to your application.
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HARP 2.0

Home Affordable Refinance Program - Refinance even when you're underwater!!  Take advantage of LOW RATES!!Fannie Mae and Freddie Mac are allowing UNLIMITED Loan-To-Value  for borrowers whose loans are currently owned by either of them and were purchased by them prior to April in 2009.  This opens the doors for many homeowners.Restrictions do apply so please call our office at (...
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“BEST (MORTGAGE COMPANY) IN EAST HAWAII 2012”

Thank you to the Big Island community for voting Island Home Loans, Inc. the "Best Mortgage Company in East Hawaii" for 2012.  We are humbled and thank you for your continued support.  Aloha Kakou!
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Wait-And-See Attitude?

It is hard to imagine the interest rates today are below 4% AND home prices have dropped significantly AND STILL people are still hesitant to refinance to lower their monthly payments, AND new homebuyers are not buying when the rates and prices are so low. The public does not have any confidence that things are getting better so they are waiting for positive signs in the econom...
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WHAT IT TAKES TO GET A LOAN

Hello Friends! Check out this article from Yahoo! Finance that talks about what it takes to get a loan these days. We're ready to help you with all your financing needs!
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What’s this new mess regarding bank foreclosures?

There were a ton of foreclosures seriously starting in 2007 due to the mortgage crisis that brought the economy down. The banks were super over-burdened with the abundance of foreclosure documentation.......so they did many shortcuts in doing fraud, omitted notary for signatures, had clerks sign legal documents without reading them, no chain of title docs, etc. etc. In essence,...
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FORECLOSURE SOLUTIONS!!!

I have a New & Wonderful program to help homeowners save their home from foreclosure. I can lower you mortgage payments and there are NO Points or Lender Fees. This can help you save and stay in your home. Call me at 961-0605 or 345-6478 to see if you qualify.
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Nearly One In Four Borrowers Underwater

November 24, 2009 Nearly One In Four Borrowers Underwater (Dow Jones) The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery. Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a re...
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Great Job Guys!

Just wanted to acknowledge Gary Young, Larry Lau, and Gary Bartolome for their outstanding effort at last weekends Habitat for Humanity 5k walk-a-thon. Great job gentlemen !
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Are you eligible for a VA Loan?

VA's Home Loan Program is for veterans, active duty military personnel, and certain members of the reserves and National Guard.  VA's program provides an excellent product and benefit for those individuals who have served or are serving to protect our families and our nation. Some of the benefits of a VA loan are: 100% financing of sales price is available. Loans...
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Pledge Your Support!

Saturday, August 22nd from 7am-10am is the 2009 Walk-a-thon presented by Hale Aloha O Hilo Habitat for Humanity. This is a great organization that helps our local families achieve pride and home ownership. For more information about participating or donating to the cause, you can go to their website www.hilohabitat.org Go Team Island Home Loans!!
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$8,000 First-Time Home Buyer Tax Credit Expires December 1, 2009

If you’re planning to claim the credit and haven’t started looking for a home, your clock is now officially ticking. You must be closed on your new home on or before December 1. Based on a purchase closing of 60 days; your $8,000 is in jeopardy unless you go under contract prior to October 2, 2009. That’s 71 days from now. Use it or lose it. The First-Time Home Buyer Tax C...
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Mortgage Applications on the Rise Again

http://ping.fm/U5kvB Mortgage applications  are on the increase despite borrowers concerns of unemployment. Click on the link above to read the article from CNN Money.com
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Financing and Lava Zones 1 and 2

Mortgage giant Fannie Mae officially declared in its June selling guide that it would no longer purchase or securitize mortgage loans in the Big Island's lava zones 1 and 2, where the probability of lava flows is greatest. Here is a link to the full article in the Star Bulletin http://www.starbulletin.com/business/20090719_Lava_loan_meltdown.html
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New home appraisal rules create an uproar in the industry

Latest news on the new appraisal rules Click on the link above for more information on what is happening now.
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Freddie Mac puts Education on YouTube

Stop Foreclosure YouTube Here is a kind of educational video channel that can be both worthwhile and necessary to people facing financial trouble and possibly foreclosure of their home. Remember lenders don’t want to own your home, they have enough of them already. If people are prepared when they call for assistance, it will most likely make the process smoother. Not necessa...
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Where’s Our Hawaii Tribune-Herald Ad?

Don't worry! Island Home Loans is still here and offering many new financing options! We are working on revising our advertising and did not get it completed before our old ad finished. Just as soon as we complete our new advertising brochures, flyers, mailers and newspaper ads, we will have the smiling faces of Island Home Loans printed in the newspaper again. We are sorry if ...
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Money to Help Build Your Home

Are you in the process of building your dream home and things get a little more expensive than you had budgeted? If your are afraid of running out of money or to have your credit cards to their max, NOW is the time to get a Construction Completion loan. You can get enough money to finish your home with all of the glamour you had imagined. Don't let it sit empty while you are wa...
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Rising Interest Rates

It is true that mortgage interest rates have been rising over the past several weeks. With today's best rate at 5.25%, it is still at record lows and a great time to buy a home. There are numerous programs available that allow up to 100% financing and don't forget the great $8,000 tax incentive to first time home buyers! With home prices at record low prices, now is the time to...
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YOUR CREDIT SCORE

If you're dragging around bad credit scores, you'll pay more for car loans, credit cards and especially mortgages. Maybe your credit is OK, but you'd like to make it better. After all, the better your credit is, the lower the interest rates you can get on car loans and credit cards. And these days, having high credit scores is the one sure path to homeownership. The first thing...
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Interest Rates – Still Low

Even with the uncertainty in the mortgage market, interest rates still remain at record lows. All homeowners should look at the savings a refinance would bring, in either a lower monthly payment or the thousands of dollars that would be saved over the life of the loan. For a full breakdown of savings please contact one of the knowledgeable mortgage planners at 808-961-0605. Thi...
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CONSTRUCTION LOANS ARE BACK!!!!!

Anyone who wants to build a new home or need money to complete a home you have been working on will now have many more options. Get the extra money you need to finish that construction project. Call Gary Young at 961-0605 to get the latest details!
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