The Best Mortgage Programs for First-Time Homebuyers

Ian Ho

March 10, 2021

First-time homebuyers have many mortgage programs available to them in Hawaii. Whether you’re moving to Oahu, Honolulu, or any other island, there are programs to make buying your first home affordable and simple.

FHA Loans for First-Time Homebuyers

The FHA loan program has the nickname ‘first-time homebuyer’s program’ even though anyone can use it. For first-time homebuyers, it’s a great way to buy a home even if you have less-than-perfect credit or a small down payment.

FHA loans require:

3.5% down payment (with a 620+ credit score you can use 100% gift funds for the down payment)
580+ credit score
Stable income and employment for the last 2 years
Proof you’ll occupy the home as your primary residence

VA Loans for Veterans

If you served in the military, you may be eligible for a VA loan, which has the most flexible guidelines and doesn’t require a down payment. You must have at least 90-days of service during wartime, 181 days served during peacetime, or 6 years in the National Guard/Reserves to be eligible.

VA loans require:

0% down payment
620+ credit score
Stable income and employment for the last 2 years
Proof you’ll occupy the home as your primary residence

USDA Loans

If you’ll buy a home in rural areas of Hawaii, you may qualify for a USDA loan. This program is for low-to-moderate-income families. You can check your eligibility here.

USDA loans require:

0% down payment
640+ credit score
Stable income and employment
Proof you’ll occupy the home as your primary residence
Proof you don’t qualify for any other loan programs

Bottom Line

First-time homebuyers have many loan options in Hawaii. It’s best to get pre-approved for a loan before you shop for a home so you know what you can afford and what loan terms you’ll get. Whether you have no money for a down payment or a lot, great credit or fair, there is a loan program for you.

Our loan services go beyond just the mortgage itself!

When it comes to obtaining a mortgage, you need help from a mortgage broker who cares about your unique situation!

Choose Ian Infinite Financial to quality mortgage services that will fulfill your dream of Hawaii home ownership. We offer great first-time home buyer programs in Hawaii.

Work with a great team at Infinite Financial to simplify the cumbersome task of obtaining a mortgage while securing the best mortgage rates in Honolulu, Oahu, Maui, Kauai, or Big Island.

Our team holds valuable knowledge about various mortgage programs available for first time buyers, like the FHA loan program, and is we’re plenty experienced with the small details. This enables us to help clients make a perfect selection for their financial standing.

How We Can Help?

Free consultation
Detailed Spreadsheets Explained via Zoom
Reduced paperwork
Complete Pre-Approval Process
Match or Beat other Rates

Don’t wait! Contact us Infinite Financial today to make the monumental task of obtaining a mortgage easy and hassle-free instead!

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My family and I had an interesting situation with getting a loan on a home. We had a pre-approval letter from another company, but due to my husbands immigrant status, and lack of credit score the other company was unable to offer us a loan. We were in a panic, and were given the number to Duncan Hsia, who presented our unique case to Ian Ho. I informed Ian about the time crunch we were on, and he miraculously was able to get us a loan in 9 short days. It normally takes 45 days, but Ian, Duncan, and Kathleen (the processor) was able to take our unique situation, and not only get us a loan for a new home, but get us an amazing interest rate. Everything was signed sealed and delivered long before closing. I didn't think Ian could do it, but him and his team at Infinite Financial pulled it off. Well done Ian. Thank you for getting us into our dream home. Warmest Regards,

Stacy Larsson

Ian Ho was friendly and responsive to all requests. He was professional and competent at every step of my process. Would be happy to work with him again if the opportunity arises. Thank you!

Rich D.

Ian Ho was a dream to work with. My clients contacted him after their loan was initially denied by another lender. Ian saved our transaction. He is everything you would want in a lender. He is responsive, tenacious, and thoughtful. We were desperate to close on time as the Sellers were in a 1031 exchange. He showed sincere consideration for our transaction, and his great diligence brought us to a close sooner than we originally had planned. In only 17 days from our initial contact with Ian, he brought our transaction to a close. Nobody thought it was going to be possible and he proved everyone wrong. Call Ian and you will not be disappointed!!

Sarah D.

Wow, I can't believe we closed on my new Condominium in 24 days. I contacted Duncan, Ian and my realtor Chase some time last year when I wasn't on island yet about possibly buying a home in Hawaii. This was my first home since I've been active duty Military. From what I understand, the VA usually takes a while to process home loans. However, these guys did such an amazing job answering all my newbie questions and explaining what to do and expect next in detail. Communicating important information between 4 people who've never met each other except through Phone text/ voice and emails was flawless.

I highly recommend this amazing team to anyone looking to purchase a home here in beautiful Hawaii. Very understanding and easy to work with. Thank you Chase, Duncan and Ian for all your hard work. I really appreciate it.

Robert S.

Contact Me

Ian Ho
Loan Officer
NMLS #1998743
ian@infinitefinancialllc.com
Honolulu, HI
(808)-352-2817