HONOLULU (KHON2) — If you’re looking to purchase your first home, Central Pacific Bank is here to guide you. KHON2’s Jodi Leong got some expert tips from Rusty Rasmussen, senior vice president, CPB’s Home Loans Division:
“I would say start saving early. Know your credit score and pay close attention to your credit. You want to make sure you pay all your bills on time and don’t incur any new debt either,” said Rasmussen. “It’s good to organize your financial situation. Simple questions like – how much money do you make, how much money do you have in the bank? What are your total monthly bills — things like that, you should know. And then organize the documentation. When you’re going to buy a home, they’re going to ask you for your tax returns, W2s, pay stubs, keep all of that together.
Rasmussen said there are many affordable home programs that can guide and support future homeowners.
“Many of the new projects that are out there, most of them have an affordable component, so some of the units will need to be sold to affordable buyers. They will typically have a buyback and maybe some shared appreciation on it. The buyer will need to meet certain income restrictions, they can’t make too much money. But the trade-off is that they’ll be able to buy the home at a much lower sales price,” said Rasmussen.
For example, the Hawaii Housing Finance & Development Corporation or HHFDC is also coming out with a new program called the Down Payment Equity program.
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“They’ll provide an additional lower sales price to the buyer. There are a lot of good programs out there. This is a way most people get into the homebuying world. There’s a lot to know and there’s a lot to learn, but you can talk to a CPB officer, and they’ll be happy to point you in the right direction and explain all of these things,” Rasmussen said.