Are you working with clients interested in investing in Hawaii’s housing market? As home prices remain high and sales volumes slow, staying updated on the latest trends is crucial. According to the Honolulu Board of Realtors, March 2024 saw a 2.5% dip in single-family home sales and a significant 22.5% drop in condo sales compared to the previous year. Despite this, the median sales price for single-family homes rose by 1.5% to $1.1 million, while condo prices fell by 6.7% to $500,000.
Single-family homes and condos are moving quickly, with median days on the market at 31 and 29 days, respectively. Notably, single-family homes are still drawing buyers, with pending sales up by 8.5%, whereas pending condo sales saw a slight decline of 1.1%.
LendSure is here to support your clients with a range of mortgage options tailored to Hawaii’s unique market. With our local presence and dedicated Account Executive, we understand and can address the specific needs of borrowers in the Aloha State.
Here are some loan programs that can help your Hawaii clients:
- Bank statement loans. Self-employed borrowers face significant obstacles when qualifying for mortgages. However, Bank Statement loans can help borrowers qualify based on their actual income, instead of what their tax returns show.
- Bridge loans. The Hawaii housing market features some of the highest home prices in the nation – and LendSure offers bridge loans to help equity-rich homeowners stand out. Our Bridge Financing program empowers borrowers to access equity from their current home to purchase a new home, with no monthly payments on the bridge financing. By making a non-contingent offer, buyers can gain an advantage in a competitive housing market.
- Condo loans. Soaring home prices have made condos more appealing to budget-minded buyers. However, new condo lending rules that took effect in 2022 mean borrowers face numerous challenges in qualifying for the financing of condos. Enter LendSure’s loans for Non-Warrantable Condos and condotels, bringing a common sense approach to condo mortgage lending.
- Investment property loans. The Hawaii housing market is booming, and property investors are looking to expand their portfolios. LendSures loans for Investment Properties offer many opportunities for property investors. Our roster of benefits includes interest-only loans, debt-service coverage ratio (DSCR) loans, and rate buydowns.
- Interest-only loans. Hawaii’s home prices are high in part because it is a highly desirable destination for both owner-occupiers and second home buyers looking to invest. In the fourth quarter of 2023, just 20% of homes sold in the Honolulu metro area were affordable to a family with a median income, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. LendSure’s Interest Only product gives buyers some flexibility to reduce their payments with a
- Jumbo loans. The conforming loan limit for 2024 is $1,149,825 in all of Hawaii. However, many homes sell at prices well above the conforming loan limit. LendSure’s Jumbo products are tailor-made for these higher-priced homes and areas.
The LendSure Way
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers, ratios, and data to consider, but we know that behind every file, there’s an individual with a unique circumstance seeking a loan. We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio, or refinancing of a currently-owned property.
Are you ready to benefit from a commonsense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.
