Sounds insane, right?  Too good to be true?  Throughout my real estate career I've helped numerous clients own homes with little to no money down.  A 20% down payment is NOT your only option.  There are many loan programs, including this one, that don't require a huge down payment and aren't limited to first time homebuyers.  

In the past, your options were limited to the VA loans if you were military, or purchasing with USDA programs in areas that had once been used for agriculture.  However, times are changing and lenders are finding new and creative ways to give consumers the keys to homeownership.  The best part?  This program is open to anybody that qualifies. 

Is Inventory Really at an All-time Low?

If you listen to the word on the street, housing options on Oahu seem to be getting farther and farther out of reach.  The Honolulu Star Advertiser described the situation last week in a featured story:

The limited supply of single-family homes on Oahu pushed the median price beyond $700,000 in June, tying the record set a year ago and placing homeownership out of reach for many first-time buyers.

"Affordable now is typically a condominium … unless they have help from family along with higher income," said Dennis Oshiro, executive director of the Hawaii Homeownership Center, a nonprofit that provides financial education to prospective first-time homebuyers.

With the median Single Family Home (SFH) prices climbing over $700,000 in July and median condo prices hitting $390,000, its clear that overall the market is experiencing a housing shortage and median price increases. But after taking a closer look at the data, our findings painted a much more nuanced picture. 

Your options expand the closer you look.  To get the full picture you need to think in terms of market areas.  

Current rate borrowers have been quoted an average interest rate of 3.58% on Zillow’s Mortgage Marketplace in the week that ended Tuesday, down from 3.72% last week.

You are reading this at the RIGHT TIME and if you are thinking of buying your first home, you don’t need to wait for someone to show you the way. Hosted by Prudential Locations, and at NO cost to you -- I invite you to attend our Non-Homeowner Seminar – A wonderfully engaging presentation filled with incredibly dynamic and clearly illustrated market information!