Kihei Villages Approved for FHA Financing
Posted by Alex Cortez on Friday, September 14th, 2018 at 4:26pm.
Question: I'm interested in buying a condo in Kihei but looking for either USDA or FHA financing because of the lower down payment, but I don't have see a lot of options. Is Kihei Villages approved?
Answer: Perfect timing. Kihei Villages was recently approved for FHA Financing, effective as of September 11, 2018. Backed by the Federal Housing Administration, the FHA loan program is a popular one, particularly among first-time home buyers. This is great news for both Buyers, as now this property is an option in a Kihei condo market that lacks other FHA options, and for Sellers, who now theoretically have a larger pool of prospective purchasers. The only other condo in Kihei currently approved, as per the HUD website, is the Island Surf building but that is a decisively different type of property at a higher price point. With over 500 units, Kihei Villages is a large micro-market with a plethora of options within the property.
Benefits of the FHA program include having lower requirements than a conventional loan, having less stringent timeframes for life events (i.e. can apply for FHA 3 years after foreclosure/short sale, compared to 7 years for conventional loans), having lower requirements for credit scores and more sympathetic loss mitigation to account for hardship and/or disasters.
Other Maui condos approved for FHA include: Puuone Towers & Plaza (near expiration as of this writing), Opukea at Lahaina, Iao Parkside, and Napili Villas - there are more, contact us for a full list and click here to view all FHA-Approved Maui condos for sale.
For those interested in speaking to a lender about FHA loans, contact us for a list of our preferred/recommended lenders. Thinking about buying or selling at Kihei Villages? Contact us below.
Answer: Perfect timing. Kihei Villages was recently approved for FHA Financing, effective as of September 11, 2018. Backed by the Federal Housing Administration, the FHA loan program is a popular one, particularly among first-time home buyers. This is great news for both Buyers, as now this property is an option in a Kihei condo market that lacks other FHA options, and for Sellers, who now theoretically have a larger pool of prospective purchasers. The only other condo in Kihei currently approved, as per the HUD website, is the Island Surf building but that is a decisively different type of property at a higher price point. With over 500 units, Kihei Villages is a large micro-market with a plethora of options within the property.
Benefits of the FHA program include having lower requirements than a conventional loan, having less stringent timeframes for life events (i.e. can apply for FHA 3 years after foreclosure/short sale, compared to 7 years for conventional loans), having lower requirements for credit scores and more sympathetic loss mitigation to account for hardship and/or disasters.
Other Maui condos approved for FHA include: Puuone Towers & Plaza (near expiration as of this writing), Opukea at Lahaina, Iao Parkside, and Napili Villas - there are more, contact us for a full list and click here to view all FHA-Approved Maui condos for sale.
For those interested in speaking to a lender about FHA loans, contact us for a list of our preferred/recommended lenders. Thinking about buying or selling at Kihei Villages? Contact us below.
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.