Mahalo Mortgage Corp has a wide variety of mortgage loan programs for your needs.

No matter what type of home loan you're looking for, Mahalo Mortgage can help you. Whether you're interested in buying your first home, refinancing, or looking for creative financing alternatives, our friendly, experienced, knowledgeable Mortgage Loan Originators will help you find the loan that suits you perfectly.

Conforming Loans

Conforming Loans are those that meet Fannie Mae and or Freddie Mac underwriting requirements. In other words, income, credit, and property requirements must meet nationally standardized guidelines. Conforming loans are subject to loan amount limits that are set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). These limits vary based on the region in which the subject property is located as well as the number of legal units contained in the subject property.

Under the FNMA and FHLMC Charter Acts, the loan limits are 50% higher for first mortgages in Alaska, Hawaii, Guam, and the U.S. Virgin Islands.

Home Affordable Refinance Program (HARP)

If you are finding it difficult to refinance your current mortgage loan because you have little or no equity in your home Mahalo Mortgage can help with a Freddie Mac and Fannie Mae backed program called the Home Affordable Refinance Program, also known as HARP.

HARP has recently been streamlined to help more homeowners refinance their mortgage through expanded credit and value limits and, in some cases, less paperwork and hassle. With HARP you may qualify to take advantage of the benefits that come with refinancing such as:

• Lowering your monthly mortgage payments
• Reducing your interest rate, or
• Building equity faster through shorter term options

HARP may be an option for you if:

• Your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae
• You have had a good payment history for the past 12 months
• Your home (1-4 family dwelling) is your primary residence, second home or investment property
• Your home value has decreased
• You have limited equity or your first mortgage exceeds the current market value of the home

Jumbo and Non Conforming Loans
Jumbo loans are those that exceed the loan amounts allowed by Fannie Mae and Freddie Mac.
Programs

• ARMs
• Fixed Rates
• Options Available

Federal Housing Administration (FHA)

The Federal Housing Administration is a division of the U.S. Department of Housing and Urban Development, commonly referred to as HUD. FHA loans were created to provide affordable mortgages to the average homebuyer. The federal government insures FHA loans, or guarantees participating lending institutions against loss from default on qualifying loans.

Programs and Features:

• Fixed Rate Loans, Temporary Buy-Downs and ARMS
• Available for detached 1 to 4 unit dwellings, eligible condos and PUD's
• Properties must meet HUD guidelines and be inspected by HUD-approved appraisers
• Subject to loan limits set by HUD (see HUD web site for loan limits)
• Mortgage insurance of one-half of 1% due annually and paid monthly
• One time mortgage insurance fee of 1.5% to 3.0% charged on detached dwellings and PUD's, which may be financed
• Non-occupant co-borrowers allowed
• No reserve requirements at closing
• 100% of down payment and closing costs may be a “gift”
• Fully assumable by a qualified borrower
• Seller may contribute a maximum of 6% of the lower of the sales price or the appraised value

Veterans Administration (VA)

Veterans Administration loans were created to help veterans finance the purchase of their homes with favorable loan terms. For the purpose of the VA program, “veteran” includes active duty service personnel and certain categories of spouses. Like FHA loans, the federal government insures VA loans, or guarantees VA approved lending institutions against loss from default on qualifying loans.

Programs and Features:

• Fixed Rate Loans
• Available for detached 1-unit dwellings, eligible condos and PUD's
• Properties must meet VA guidelines and be inspected by VA-approved appraisers
• Subject to loan limit set by VA, see 2014 High Cost County Limits below.
• One time mortgage insurance fee of 2.15% is typically charged, which may be financed if the total loan amount does not exceed VA limit
• No prepayment penalty
• 6-12 months PITI* reserve requirements at closing (depending on loan amount)
• No down payment required if loan amount does not exceed VA limit
• Out-of-pocket expenses may be gifted, typically from relatives
• Only eligible veterans and their spouses occupying the subject property may be co-borrowers or co-signers
• Seller may contribute a maximum of 4% of the lower of the sales price or the appraised value

* PITI: Principal, Interest, Tax, and Insurance

Construction Loan

Looking to build a customized residence to meet your personal needs? We offer a construction to permanent loan program that provides the convenience of a one-time application and closing feature. Also, interest only payments during the construction phase of the loan applied on drawn loan amounts provide an affordable way to build your dream home.

Features

• Easy one-step financing takes care of everything you need, including both the construction and permanent mortgages. 
• Lower interest only monthly payments during construction that converts to your permanent mortgage after construction. 
• Available for owner-occupants, second home buyers and State of Hawaii resident investors.
• Permanent Fixed Rate and Adjustable Rate Mortgages available
• One-time closing
• Interest reserve payment option available
• No prepayment penalty
• Loans up to $2,000,000 for owner-occupants
• Local processing, underwriting and servicing

Home Equity Lines of Credit

A home equity line of credit loan is a line of credit that is secured by real estate. The amount of the credit line is dependent upon the amount of equity in the subject property and the lender's guidelines. Each lender has its own specific guidelines and limitations. Lines of credit are typically designed for borrowers who intend to pay back the borrowed funds within a short period of time. Equity lines of credit are processed and underwritten similar to traditional mortgages; however, lender guidelines vary widely.
Home equity lines differ from traditional mortgages that provide funds up front, then required repayments of principal and interest each month. With a home equity line, a borrower may draw against any available credit on the line while continuing to make monthly payments during the "draw period." At the end of that time, the borrower has a set number of years to repay the remaining balance in full without further draws.
Interest on home equity lines begins to accrue at the time of an advance on the line and payments are based on payment factors.

Reverse Mortgage

A Reverse Mortgage is a special type of mortgage loan available to senior homeowners (62 years or older), that allows them to convert the equity accumulated in their primary residence into tax-free income without having to sell the home, give up title to the home, or to take on a new monthly mortgage payment.
These mortgage loans are called Reverse Mortgages because the payment structure is "reversed" in comparison to regular mortgage loans. Instead of making monthly payments to the lender, the lender makes payments to the senior borrower. No payments are due on a reverse mortgage until the borrower(s) cease to occupy the home as a principal residence (when the last remaining spouse passes away, sells the home or permanently moves out). The amount owed can never exceed the value of the home. If the home is sold for less than the amount owed on the loan, the lender cannot collect on the shortage amount. If however, the home is sold and the sales proceeds exceed the amount that is owed, the excess money from the sale goes to the borrower(s)' estate.

The funds from a reverse mortgage can be used for any purpose; paying off existing loans, home repair or renovation, daily living expenses, health care expenses, taking a vacation, paying property taxes, etc.

The maximum loan amount is computed based on 3 factors: (1) the age of the
borrower(s), (2) the property value, and (3) current interest rates. In general, the older the borrower, the higher the value of the home, and the less owed on the home, the more money available to the borrower.

Programs And Features:

There are two reverse mortgage programs available to Seniors through Mahalo Mortgage Corp:

• The FHA Home Equity Conversion Mortgage, referred to as "HECM".
• Generation Mortgage Generation Plus®. This program is ideal for higher valued properties which are outside the FHA HECM lending limits.
• NO income or credit qualification required
• NO loan payments required as long as the borrower remains in the home Loan proceeds are non-taxable (consult with your tax consultant). Existing loans and liens against the property can be paid off using the reverse mortgage proceeds
• Borrower continues to own the home
• All loan closing costs, may be financed as part of the Reverse Mortgage
• Eligible property types include single family homes, approved condominium units and townhouses