Zero Down Home Mortgage Loans
Hawaii Zero Down Home Loan
or call 855-529-5222
is possible to buy a home with zero down, meaning no down payment.
are a couple of the Hawaii zero down home loan options for you to
take a look at.
The Hawaii zero down
home loan is the most common home loan that we do here in the Hawaiian
islands since the cost of real estate is so expensive, borrowers
try to stay liquid with their assets and are not hot to put down
20% or more on a home, but would rather get a zero down loan 80/20
or 100% loan and take the tax deduction for the mortgage interest
you pay on the loan.
There are several methods
by which eligible home buyers can minimize or even eliminate down
payments. They include: VA loans, Owner financing, Lease/purchase,
House trading, Job-related federal programs, and State and local
In this difficult economy
where stock valuations are questionable, one of the best investments
here in Hawaii is definatly real estate. But for many potential
buyers, the problem is coming up with a down payment to make this
all-important purchase since homes here can cost well over 600K
Trading, Lines of Credit - Many professional investors
acquire homes with zero down by trading one property for another.
In some cases, they trade one large property for several smaller
rental properties. Or they trade houses in different cities to acquire
a vacation or retirement home. Property trading is also a legal
way to avoid the capital gains associated with selling a property.
Another way to acquire a property with no money down may be with
a line of credit secured by the equity in another property. This
allows the homeowner to purchase another property using the accumulated
equity in a home without selling the original property.
Loans - The method of purchasing a home with no down
payment that most people are familiar with is through the Department
of Veterans Affairs, or VA. This benefit is available to active
and retired members of the military service, veterans, POW's and
MIA's and their unmarried widows. All branches of the service including
the Coast Guard are eligible. Also members of Selected Reserves
or National Guard who have completed six years may be eligible along
with many with WW II service from the merchant marines, military
academies and others pulled into service for the war effort.
- The Office of Housing and Urban Development (HUD) offers
special financing for first-time home buyers. This program is based
upon need and is designed to allow low-income families to obtain
their first home without a significant down payment or closing fees.
Also, many HUD foreclosure homes require no down payments.
Federal Programs - The federal government also has programs
to help farmers and police personnel acquire homes with nothing
down. For those with limited income who wish to live in rural areas,
the Rural Economic and Community Development Administration offers
farmers home loans with nothing down. Monthly payments may be subsidized
and the interest can be as low as 1 percent. To encourage police
to occupy homes in crime-targeted areas, special federal programs
permit police officers to purchase homes in selected areas. Information
is available to law enforcement officers through their places of
Programs - Some states, counties and cities offer programs
that can eliminate down payments. Often, prospective home buyers
must meet income requirements, hold certain jobs, be a first-time
buyer or agree to buy in a specific area.