Sounds insane, right?  Too good to be true?  Throughout my real estate career I've helped numerous clients own homes with little to no money down.  A 20% down payment is NOT your only option.  There are many loan programs, including this one, that don't require a huge down payment and aren't limited to first time homebuyers.  

In the past, your options were limited to the VA loans if you were military, or purchasing with USDA programs in areas that had once been used for agriculture.  However, times are changing and lenders are finding new and creative ways to give consumers the keys to homeownership.  The best part?  This program is open to anybody that qualifies. 

Comfort and Style in the Heart of Kakaako

Urban living is quickly becoming the "go-to" option for a lot of locals in the heart of Honolulu. With more than 4,000 new units being constructed in Oahu’s urban core, local residents are looking to neighborhoods like Kakaako for convenience and a shorter commute.

Is Inventory Really at an All-time Low?

If you listen to the word on the street, housing options on Oahu seem to be getting farther and farther out of reach.  The Honolulu Star Advertiser described the situation last week in a featured story:

The limited supply of single-family homes on Oahu pushed the median price beyond $700,000 in June, tying the record set a year ago and placing homeownership out of reach for many first-time buyers.

"Affordable now is typically a condominium … unless they have help from family along with higher income," said Dennis Oshiro, executive director of the Hawaii Homeownership Center, a nonprofit that provides financial education to prospective first-time homebuyers.

With the median Single Family Home (SFH) prices climbing over $700,000 in July and median condo prices hitting $390,000, its clear that overall the market is experiencing a housing shortage and median price increases. But after taking a closer look at the data, our findings painted a much more nuanced picture. 

Your options expand the closer you look.  To get the full picture you need to think in terms of market areas.  

For the state of Hawaii as a whole, the number of sales remains the same for single-family homes but are up 5% for condos when compared to last month. Median condo prices are down 12% when compared to May2015, and down 8% from a year ago. Statewide, it took a median of 36 days to sell a single-family home and 29 days to sell a condo.