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FHA Loan in Honolulu

My wife and I are returning to Honolulu in July. I have taken a job that pays 53,000 a year, and we have about 30,000 saved up.  My credit is excellent (767 last time I checked), but I do have around 33,000 in grad school debt unpaid.

I'm wondering what kind of FHA loan we might be able to get.  We'd like to get a 2 bedroom in the Punahou area, which I see currently runs around 300,000.  Would I be able to get an FHA loan for that amount with my income.  The 3% down payment will be no problem.

One other question - can an FHA loan be used for leasehold properties?

Thanks for any advice it will be nice to make a contact.
  • May 15 2013 - Honolulu
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Answers (3)

i can do loans in HI, we should consider looking into usda and go $0 down. PMI is much cheaper
  • 5 days ago
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Dealing with a reputable lender that is located on the island would be my best advice. FHA loans today allow up to a 56.99% total debt ratio but I suggest seeking the advice of professional to do this calculation. 
  • 5 days ago
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From what you've described above your debt-to-income ratio may end up being too high. I would suggest calling a lender and starting a pre-approval application. You'll be able to find out the maximum price you can afford at the very least.
  • May 17 2013
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