Hawaii’s real estate prices are the most expensive in the country, making owning a home seem impossible for most families. To make matters worse, most private lenders expect hopeful homeowners to put down 20% before approving a home loan, which many people simply can’t afford. Fortunately, there are a few mortgage programs designed to help families who would otherwise be priced out of the market.

Home Loan Programs With Low Down Payments & Flexible Terms

USDA Single-Family Housing Programs

To give families in rural areas access to adequate, safe, and clean housing and promote development, the USDA offers home loan packages with some of the most attractive terms you’ll find anywhere. Through their guaranteed loan program, qualified buyers with sufficient income may receive 100% financing with no down payment, as long as you purchase a property in an approved area. These loans can be used for a variety of projects, including building new homes or refurbishing an existing structure.

FHA Home Loans

Working with private lenders, the FHA insures home loans for those who might not be able to qualify for a mortgage or save for the down payment. Depending on your credit rating and financial situation you may be able to get a mortgage for as little as 3.5% down, and your closing costs may even be covered. If you do run into financial hardship down the road, FHA loans offer borrowers several tools to avoid foreclosure, ranging from loan modifications to a forbearance on your payments until you get back on your feet.

For over 20 years, Aloha Mortgage, LLC. has been helping make the dream of home owning a reality for people across Hawaii. With their wide range of programs and affordable home loans, you can be sure they’ll have a mortgage that fits your needs, whether you’re buying your first home or refinancing. Visit their website to learn more about their services and dedication to their customers, or call (808) 255-9366 to make an appointment today.