For first time homebuyers, saving up enough for a down payment and closing costs can be a lengthy endeavor - particularly in today's lending environment, where many lenders still impose restrictive criteria on borrowers.
In addition to the FHA and VA loan programs, as eligibility requirements allow, another program that has been very successful in getting first time homebuyers into the door is the USDA loan program. Although most of Maui County was eligible for USDA loans, the areas of Wailuku and Kahului were not - presumably due to their comparatively higher density.
But it is with great pleasure that we announce that as of now, the USDA loan program will be available for purchases of Wailuku Real Estate. Here are some quick facts of the USDA program, as it relates to Maui real estate:
* Provides 100% LTV (loan-to-value) on existing/new construction, as based on appraised value.
* Available to low and moderate income households: Household of 1-4, income of $108,300.00; Household of 5 or more, income of $142,950.00
* Typically, less cash required for closing costs.
Thinking of purchasing a home in Wailuku? There are some great neighborhoods and value propositions - contact us for information.
Specializing in Makena and Wailea real estate, Alex Cortez is fully dedicated to representing his clients ethically and diligently. Contact him at 808.385.5034 or Alex@MauiRealEstateSearch.com for more information.