Buying a home
There's usually more than one way in. I'll walk you through what each really costs.
Most buyers in Hawaiʻi, Nevada and California use one of four routes: a conventional loan, an FHA loan, a USDA loan in eligible areas, or one of those paired with down-payment assistance. The right one depends on your credit, your savings and where you're buying. I'll show you the two or three that fit, with real numbers.
By Georg F. Thoma, Senior Loan Officer · NMLS 312260 · Updated
Four ways to buy
The standard loan. Best rates if your credit is solid; as little as 3% down for first-time buyers.
More forgiving on credit and down payment (3.5%). Good for first homes and for buyers rebuilding.
Zero down in eligible rural areas. More of Hawaiʻi, Nevada and California qualifies than people expect.
State and county programmes that can cover part of your down payment or closing costs. I keep a current list for all three states.
Common questions
Still stuck? Call Georg at (808) 357-9791
How much do I need for a down payment?
Usually less than people think. Some conventional loans for first-time buyers need very little down, FHA needs a little more, and USDA and VA loans can need none. Down-payment assistance can cover part of what's left.
What credit score do I need to buy a home?
It depends on the loan. FHA is the most forgiving on credit, and conventional loans reward stronger scores with better pricing. If your score isn't where it needs to be yet, I'll tell you what would move it.
What's the difference between FHA and conventional?
FHA is more flexible on credit and down payment, but its mortgage insurance often lasts for the life of the loan. Conventional mortgage insurance can come off once you have enough equity. I'll compare both on the same house.
Is down-payment assistance a loan or a grant?
It can be either. Some programmes are grants, some are forgivable loans, and some are second loans you repay when you sell or refinance. Each state and county sets its own rules, and I keep a current list for Hawaiʻi, Nevada and California.
Are USDA loans only for farms?
No. USDA loans cover eligible rural and some suburban areas, and more of Hawaiʻi, Nevada and California qualifies than people expect. There are household income limits, and the home has to be where you live.
How long does it take to close on a home?
Often 30 to 45 days from an accepted offer, depending on the loan and the appraisal. Getting pre-approved before you shop makes the rest move faster.
Your loan officer
Georg Thoma
Senior Loan Officer · NMLS 312260 · Licensed in Hawaiʻi, Nevada & California · English & Deutsch
You don't need to know which one you want. Tell me what you're trying to do and I'll show you the two or three that fit, with real numbers.