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First Time Hawaii Real Estate Home Buyer’s Guide: 2022 Edition

Posted by on May 10, 2022

What’s New in 2022? It’s Difficult, but not Impossible!

Moving to Hawaii and buying your first home in today’s economy seems like a super daunting task, doesn’t it? Relax! We’ve got you covered!

Homes are selling as fast as they are listed, prices have increased by 20% over the past year for single-family homes and by 12% for condos. On top of this mortgage rates are rising. From early January through April, those rates rose faster than at any time in the past 35 years.

But have no fear! Your local Hawaii Real Estate Agents know the paths to some entryways: New condominiums being built on the islands are geared toward first-time buyers, as are many single-family home and townhome developments. And if you weren’t born with a silver spoon in your mouth, financing options are available to help a first-timer get a mortgage with less than a 20% down payment – a big hurdle for most people.

Your professionals at Hawaii Elite Real Estate are here to guide all novices through the process, from pulling that first credit report to signing for a mortgage and closing the deal.

Start With A Great Resource

Hawai‘i HomeOwnership Center, a nonprofit that supports first-time homebuyers and educates them about the homebuying process and how their credit scores can determine what and where a first time home owner can buy. First timers are offered classes and support from HHOC. Best of all? Their orientations are free!

Visit to register and attend a webinar. No matter where you are located, if you have an Internet connection, you can attend and learn about first time home buying in Hawaii from the most knowledgable people in the business!

Build A Relationship With A Mortgage Lender

As they say, there’s no time like the present. A lot of people say they’re waiting for the perfect time to buy. But just like everything else in life, there’s no perfect time to buy a home.

Start the conversation with a lender (there are resources on our site for locating a great local lender) about qualifying for a mortgage and even have them pull what is called a soft credit report to get an idea of where you stand. Some people learn they need to wait, but others macy learn they’re actually in a better position than they thought.

However, all the experts we know caution that using an app such as Credit Karma won’t give prospective homebuyers an accurate picture of their credit.

Credit Karma is not a good gauge for mortgage readiness, they use a different credit-scoring engine than most banks, they use a different model, they don’t take into consideration the same things that banks and other real estate lending institutions do.

Because of that, you may be lulled into believing your scores are higher than they actually are when you apply for a mortgage.

Have a real conversation with somebody that can actually help you and allow them to pull your credit because that’s the credit that’s going to be looked at.

Additional Help For First Time Buyers

There are additional buyer assistance programs that you may qualify for. For example, there are loan products that allow for lower or zero down payments; VA loans for veterans; and U.S. Department of Agriculture loans that can finance 100% of a purchase for qualified buyers in eligible rural areas.

Hawaii Elite Real Estate will do all we can to help you cobble together a successful home buying plan from available resources.

Prospective buyers can also learn about affordable housing programs and what’s involved, such as the mortgage credit certificate program, which allows a buyer to purchase an existing home by reducing the amount of federal income tax they pay, or affordable units offered in new construction projects such as The Central Ala Moana.

Call Hawaii Elite Real Estate Today And Begin Your Journey

Call us today. We are here to guide you through the process. There are homes on the market, and homes that fit your needs and budget. With some creative thinking and connecting with the right people, we will do everything we can to help you purchase your first home – and a home in paradise!

From getting that offer in early to making sure the inspection is done and all closing conditions are met, Hawaii Elite Real Estate is here to educate you about the home buying process, and support you every step of the way.

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