Frequently Asked Questions about Homeownership:

Q. Why should I come to the Hawai`i HomeOwnership Center?
A. The Center offers members the tools and knowledge they need to become informed consumers and successful home buyers. An 8-hour Homebuyer’s Education course provides an overview of the home buying process and what lenders expect. Counselors help members address their obstacles to home ownership. The Center continues to provide educational opportunities and counseling after the purchase to ensure your success as a home owner.

Q. Can you help me if I’ve owned a home in the past?
A. Yes. We provide assistance to everyone who wishes to purchase a home.

Q. Are there any income limits to your services?
A. No. Membership is open to everyone, regardless of income.

Q. How much do I have to pay?
A. The one-time membership fee is $100, which entitles our members access to individual counseling and all educational offerings. (Payment plans are avaiable.) $50 is refunded to new homeowners. All fees are per household, not per individual.

Q. Are you a real estate agent? Do you make loans?
A. No. We are a non-profit agency whose sole function is to educate people about home ownership. We do work with realtors and lenders.

Q. Do I make enough money to qualify for a mortgage?
A. It is possible to buy a home on a low income. One family purchased their first home on an income of about $1800 per month. There are also assistance programs to help families become home owners. Most have restrictions based on income; others may not always have the funding available. Counselors work with members to find appropriate programs for which they are eligible..

Q. How much can I borrow?
A. Lenders look at the buyer’s income and debt to determine how much a family can afford to pay for housing. This amount is based on a percentage of the family’s gross income and takes into consideration the monthly payments on long term debt. The percentages used vary from loan product to loan product. Actual affordability will vary based the loan product and the buyer’s financial situation.

Q. If I have a lot of debt will this affect how much I can borrow?
A. Yes. One of the biggest obstacles facing many home buyers is too much debt. If you are spending more than 10% of your gross income on debt payments, it could decrease the mortgage amount for which you qualify. Our counselors will show you how to determine how much debt is too much and, if necessary, help you develop a debt reduction plan.

Q. Can you fix my credit for me?
A. No, only you can repair your credit. However, the Center can help you through the process. Understanding and repairing credit is discussed in the Homebuyer’s Education Classes. Counselors will help you apply the knowledge to your own situation.

Q. Do I have to be married to qualify for a mortgage?
A. No. Getting a mortgage depends primarily on the borrower’s ability to repay the loan. It is illegal for lenders to discriminate against people based on marital status or gender.