B4 • Friday, October 4, 2024
thegardenisland.com
THE GARDEN ISLAND
TOOLS TO PREPARE YOU FOR HOMEOWNERSHIP BRANDPOINT
Many of today’s homebuyers and renters face affordability challenges. Higher mortgage rates and low housing supply have increased homeownership costs. Corresponding increases in rent have also made it more difficult for potential borrowers to save for a down payment. However, just because affordability is a challenge doesn’t mean that the dream of homeownership is unattainable. In fact, despite consumers’ apprehension about the mortgage process, research shows that the aspiration to own a home is very much alive and there are a number of tools and resources that can help potential borrowers make their dreams of owning a home a reality. What to do if you’re ready to buy The difficulty of saving money for a down payment can discourage potential borrowers from pursuing homeownership. However, you may be closer to affording a home than you think. You’ve probably heard that you need a 20 percent down payment to buy a home. While this is a traditional standard, it’s not mandatory to qualify for a home loan. Eligible, creditworthy borrowers can utilize mortgage loan options like Fannie Mae’s HomeReady, enabling applicants to put down as little as 3 percent for home purchases or mortgage refinances. Through February 2025, the program also offers $2,500 towards down payment or closing costs, including mortgage insur-
solid rent payment history, lenders can count those timely payments as part of the mortgage credit evaluation process, which can increase your chances of being eligible for a mortgage loan. In addition, there also are programs that allow your timely rent payments to be factored into your credit score, helping you establish or boost your credit score over time. Make sure to use a closing costs calculator to educate yourself on closing costs and what fees are negotiable to potentially reduce your upfront costs. Knowing this information early on can help you make a longterm savings goal for your home purchase. Continue to educate yourself on the homebuying process with an online homeownership education course like Fannie Mae HomeView. This free-of-charge, award-winning course provides COURTESY OF BRANDPOINT 24/7, end-to-end access to information about financial literacy, Just because affordability is a challenge doesn’t mean that the dream of homeownership is unbuilding healthy credit, and the attainable. steps to homeownership and is available in English and Spanish. buyer education, and may and closing cost assistance for ance premiums, for very low-inHomeView helps demystify the which you may be eligible. These include a $500 appraisal credit. come purchase borrowers (≤ 50 buying process and helps firstresources can help you overpercent applicable area median What can I do if I’m not time homebuyers understand come the initial hurdles to purincome) nationwide on the purready to buy? and navigate the process from chasing a home and can make chase of their principal resistart to finish. If you’re not ready to buy a the overall homebuying process dence. Homeownership may be more home yet but hope to do so more feasible. If you’re a potential borrower accessible than you thought someday, there are still steps If you’re a first-time homewho is ready to buy a home now, possible, whether you’re ready you can take to help prepare. buyer, you can talk to your you may have several options to buy now or waiting until the First, review your credit score lender about options like Homthat can help make homeownerand see how it can be improved time is right. By equipping youreReady First, which provides fiship more affordable. An online self with the right knowledge, over time. As a renter, it’s imnancial assistance to eligible down payment assistance tool first-time homebuyers residing in portant to maintain a strong rent tools, and resources, you can can help you find programs that navigate the complexities of the specific geographic communities. payment history to show lendalleviate some of the upfront housing market with confidence ers that you’d be a reliable borThis mortgage option includes costs of buying a home. Using and clarity, and possibly save rower. For potential first-time $5,000 in down payment or closthis tool, you can find federal, money as well. homebuyers that do maintain a ing cost assistance, free homestate, and local down payment
Hawaiiana Management Company, Ltd. Serving Kauai’s Condo & Community Associations with award-winning service
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awaiiana currently serves over 60 residential and commercial associations on the Island of Kauai. Kauai native Sunshine Ruiz Hatto serves as Hawaiiana’s Vice President of Kauai Operations from its office at the Kukui Grove Executive Center in Lihue.
Sunshine Ruiz Hatto Vice President Kauai Operations
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99% retention rate among clients Local (vs. mainland) banking All employees are in Hawaii Serving over 60 associations on Kauai
www.hmcmgt.com
LUCY TAYLOR SR. MANAGEMENT EXECUTIVE
MAUREEN AMO MANAGEMENT EXECUTIVE
AMY CAMPBELL MANAGEMENT EXECUTIVE
KRISTEN KURZ MANAGEMENT EXECUTIVE
MIRISHAE MCDONALD MANAGEMENT EXECUTIVE
SUNNI EFHAN MANAGEMENT EXECUTIVE
KENDRA VEGA MANAGEMENT EXECUTIVE
HINAHEA LANGI OFFICE MANAGER, SENIOR ADMINISTRATIVE ASSISTANT
RACHELE BURNS TOGUCHI OFFICE/LEAD ADMINISTRATIVE ASSISTANT
ASHLEIGH-MORGAN SHIGETA FRONT DESK ADMINISTRATIVE ASSISTANT
Hawaiiana’s Kauai Properties: Alihi Lani Alii Kai at Hanalei Alii Kai II Aliomanu Estates Apopo Hale Emmalani Court Halaulani Condominium Hale Honu Halelani Village at Puhi Halemalu at Puhi Hanalei Bay Villas Hooluana Condo at Kohea Loa Hookena at Puhi Islander on the Beach Kahala at Poipu Kai Ka‘iulani of Princeville Kakela Makai Oceanview Kalaheo Pali Kai Kalapaki Beach Club AOAO Kalihiwai Ridge Kamahana Kapaa Shore
Kauai Beach Resort Kauai Beach Resort Association Kauai Kailani Kawaihau Sports Villa K.G. Enterprises Condominium Kiahuna Plantation AOBO Kohea Loa Master Association Koloa Garden Apartments Kuhio Shores at Poipu Kukui‘ula Kulana Lae Nani Lihue Townhouse Makanui Manualoha Paradise Court Pali Ke Kua Paliuli Pikake Pili Mai at Poipu Plantation at Princeville Poipu Crater
Poipu Kai Association Poipu Kai Racquet Club Poipu Kai Water Reclamation Poipu Kapili Poipu Sands Prince Kuhio Princeville II Community Association Princeville II Community Association - Queen Emma Bluff Princeville Makai Ranch at Halele‘a Princeville Paniolo Princeville Sealodge I Puamana Puhi Industrial Park
Pu‘u Po‘a Regency at Poipu Kai Regency Hule‘ia Regency Villas at Poipu Kai Sandpiper Village I Sealodge II The Villas at Poipu Kai Villas at Puali Villas of Kamali’i Villas on the Prince Waikomo Stream Villas Wailua Bay View Waipouli Beach Resort
For more information about Hawaiiana’s services, contact Sunshine Ruiz Hatto at 808-792-0515 or email sunshine@hmcmgt.com.