IF you have a credit score above 720 then you do not need to read on... pat yourself on the back and carry on... If you are credit challenged in the slightest then this is for you...
I love to help people that see the value in the service that I provide... the most rewarding cases are when I can educate someone about their credit then improve their score by 30 or so points so they qualify for a better rate. They are the clients that are endless referral sources and the ones that send me holiday cards with pictures of their kids and pets etc...
If your FICO score determines your interest rate... why would you Purchase or Refinance Real Estate prior to polishing up your credit history? That cart before the horse protocol is typical in the lending industry... 
In this extremely volatile, over regulated and chaotic Mortgage Market, most lenders are short staffed and trying to handle the flood of new loans that need to be locked before rates break through the 5% range into the 6% Range. Those loan officers are only catering to a specific demographic of borrowers - the good credit types.
While this is the new norm and the path of least resistance, the people that I am most concerned about are those with below average credit scores who may miss out on this historic opprotunity to purchase or refinance real estate at time when interest rates are the lowest that they have been in recorded history.
These people with average/below average credit, for the most part were not educated in school or at work about the top secret formula that Fair Isaac Company (FICO) created to produce your FICO score. Your FICO score is the "number" that lenders/ investors use to determine the rate that they are going to charge you on your home for the next 30 years so why not improve it prior to locking yourself into a 360 month payment.
Call me if you are in Hawaii and want to improve your credit score to qualify for lower interest rates.
I will coach you into FICO FITNESS!
Jay Oku, your credit coach and Mortgage Source in Hawaii...
808.393.0707 - oku808@gmail.com
REAL ESTATE FINANCE
1188 KALAKAUA AVE. SUITE C312
HONOLULU, HAWAII 96815
NMLS# 218211
CELL: (808) 393-0707
FAX: (808) 695-2964
E-MAIL: OKU808@GMAIL.COM
There are over 2,000 Realtors on Oahu; I am so blessed to work with the top 10!
I love the person that has enough confidence in me to share my name, Jay Oku your mortgage source!, with someone who is about to embark on one of their most important decisions in their lifetime.
On this Valentines Day I would like to Thank and extend Cupids Love to my friends and business partners below for trusting me with your livliehoods. It means the world to me I am grateful to know each of you...:
The Kucic Family... David and Tonya and Ohana www.davidkucic.com VA
Roberto Lopez, Lucky Cole and Arlete Byrne and the whole Team Real Estate Office www.teamrealestate.com Property Management and Sales on the North Shore of Oahu
Danielle Capozzi / Real Estate Executives REO Carl Higgins / Coldwell Banker NS
www.hawaiianislesrealestate.com www.cbpacific.com/carlh
Ted Kolb Mililani Michael Shower and Chris Beck NS Richard Sterman
Century 21 Liberty Homes of Coldwell Banker www.sterman.com
Toti and Tracy Manhan, Jon Wilkins and Ken Oku are honored without photos because they are too good lookin...
Happy Valentines Day everyone... Thank you for consistently refer me to your clients and those that you love.
I take great honor and responsibility in dealing with those people that you refer to me.
Mahalo Nui Loa
from Jay, Yuka and Ai Kahana Oku at www.directnationallending.com
February/2010
USDA UPDATE for HAWAII 2010
Fiscal Year 2009 USDA Shattered all Records
133,045 Loans Guaranteed and $16.2 Billion Obligated Nationally
The US Depratment of Agriculture has an outstanding loan program available and if you are not aware of it then you are missing a golden opportunity to help families (that would be declined by FHA or Conventional progams) into a home in this Buyers Market.
· November 8th $55 million in Funds were replenished and are available
USDA Loan Facts
USDA Rural Home Loans have some outstanding benefits over ANY other type of mortgage loan you will find for Hawaii. USDA Loan Benefits include:
· True Zero Down Financing - USDA Rural Home Loans let you keep your cash in your bank account
· The program is available for FHA/VA approved Condos in Kapolei/ Ewa Beach etc. These were considered rural areas in the 2000 census and will most likely be removed after 2010 census results in 2011.
· Zero To Move In - If properly set up, you wont need to bring any cash to closing. The average is just about $158 or so to close with a USDA Rural Home Loan in Hawaii
· Down Payment Assistance - Seller assisted Down Payment Assistance has been eliminated for FHA but is still available for USDA Home Loans.
· No Monthly MI - On a $200,000 home you could save up to $11,000 in mortgage insurance payments over the next 10 years as compared to FHA
· A Good Portion of Honolulu County qualifies for USDA Rural Home Loans - Ewa Beach, Makakilo, Kunia Kapolei, Waianae, North Shore and Waimanalo http://eligibility.sc.egov.usda.gov/eligibility/welcomeaction.do
· Generous Qualifying Ratios - Due to low rates, No MI and superior performance of the USDA Rural Home Loan it is much easier to qualify than for Conventional or FHA Mortgage Loans
· Not just for First Time Home Buyers
· No HVCC Appraisal Backlog (like there are for Conventional or even VA loans)
· Income Limits for Honolulu County (115% of Median Income)
1-4 Person $109,400 5-8 Person $144,400
Bye Bush Hello Change...
Well, I give our new President a lot of credit for taking this enormous Trillion dollar economic comittment on. At least the days of blaming Bush for everything will be over. We are the United States of America and are sure acting like a divided country.
One steady aspect of America is our committed and selfless military force. Amen.
As temporary as it may be, this Refinance Boom has been a blessing for many. Today I saved a soldier $300 per month by simply refinancing his Ewa Beach condo with a Streamline VA Refinance. Now when he is transferred after his 3 year stay on the Hawaiian Islands he will be able to rent his property out and break even on his payment. Exit strategy is the best sales angle these days. Another borrower that closed this week was able to pay off debt and lower her total monthly housing payments over $550 per month as well.
On the flip side, due to tightened regulations (tightened in the wrong areas) many are not able to take advantage of todays low interest rate environment. For example, I visit numerous Real esate agents who wish and pray that they could refinance their properties, but their loans have a snowballs chance in hell of getting approved due to their self-employment status and their soft sales income . I am working with a Major who has significant income, adequate assets but low equity. The original Loan Officer sank him into an 80/20 loan and values have moved laterally. Ideally we would like to get him into a VA loan but the guidelines require 10% equity in order for the switch from Conventional to VA to happen. We can't get the Conventional loan because PMI companies have restriced Insurance on properties with < 75% owner occupancy.
Today I had Wells Fargo deny a 20% down purchase loan for my client, a well qualified nuclear engineer, due to the owner occupancy of the building being less than 75% a new Fannie guideline. I can understand that the PMI companies require a 50% owner occupancy but 75% with 20% down!? How is the housing problem going to be fixed if lending on condos is not possible?
Lenders are taking 30 days to process refinances and about 10 days for purchases. I have three banks that have been able to get a loan approved in 48 hours recently but it did take some constant pressure on my account executives.
Look for rates to flirt with 4.5% again, and when they do be sure to call me to have me lock your loan! Do not let greed let you wait too long. Inflation is bound to rear its ugly head again.
Peace be with you...
A Hui Hou
With this monumental rise in mortgage applications both purchase and refinance it is not suprising that the banks are taking an extreme amount of time even to look at a Clean file...
December 17th I locked 4.375% with a slight rebate for a client then within 2 hours the rates were back up to 4.625%. Now the week leading up to 1/9/09 we are ready to slide a little lower due to the enormous instability that these horrendous jobs reports and other economic fiasco (bailout) news.
All systems are a go with the Team! Rachel, former bank underwriter is my processor and she is mentally and organizationally prepared to handle the flow of PDf's and Docs to and from the Banks. Chase, Wells Fargo, Plaza, SNMC and numerous other account executives are primed up and ready to compete for our business to give our clients the best possible rates... These bank professionals earn their healthy pay when times are good. Locks are made frantically and ...
Thats where the bottle neck begins... 
Eventually the bombarded appraisers type the finishing touches on the report, days even weeks after they inspected the property.
Slowly the files pile up; paper.... loads and loads of paper wrapped into folders to make them thick and more anonymous; the underwriter who peels one maybe two before lunch then three, four, maybe five off of the endless stack per day. Yesterday they officially require all files to extend to a 45 day lock at the expense of the client.
I call daily only, once maybe twice, at a strategic moment to kindly and very gently (with respect to their time) ask the underwriter which files she/he has looked at and if she/he has a need for anything at all that would help them approve the file. When I worked at a larger Banker I had to be even more careful around the underwriters as they had 9 - 12pm quite time.
Fortunately our relationships are solid and loyalty to those banks even in slow times now pays off.
Although I sound frustrated with the delays in this boom (caused by a panic response to economic catastrophe of undefinealble proportions), I am actually overwhelimingly grateful and am on a mission to help as many families and individuals save as much money as possible with the lowest rates ever and realistic and fair costs.
If I can help anyone you know with their mortgage I will make sure that they thank you sincerely for sending them my way. (808) 393-0707 (949) 874-2145
Over 11 years successfully funding VA FHA and Conventional Real Estate Mortgage Loans. I strive to help First Time Homeowners, seasoned investors and especially help our service members obtain the Ame
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