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Kakaako condominium towers Hokua, left, Nauru Tower, left center, 1350 Ala Moana, center,
Hawaiki Tower, right, are seen in this file photo. Lending flexibility is making it easier for borrowers
to get a mortgage on a condo unit.
Eugene Tanner PBN
https://www.bizjournals.com/pacific/news/2019/05/31/loosening-lending-restrictions-make-it-easier-for.html Page 1 of 2
Loosening lending restrictions make it easier for Hawaii condominium buyers to get mortgages - Pacific Business News 6/7/19, 8)06 AM
United States at 42% — far higher than the national average of 8% and well
above Washington, D.C., which had 37%, according to CoreLogic.
On Oahu, condo sales account for about 60% of all home sales — in 2018, it
was 61 percent, according to the Honolulu Board of Realtors, and while there
are many reasons for that, easier lending rules could boost that percentage
even further.
“They got rid of that,” Shepherd said. “If the investor is putting down 25% or
more, they don’t look at owner occupancy.”
Fannie Mae and Freddie Mac have also relaxed the rules on commercial space
in a condo building to allow 35% of the space as commercial, from the
previous 25 % —noteworthy in Honolulu, where nearly every new building is
mixed-use.
“We’re just seeing more flexibility with lending guidelines,” Shepherd said.
“People are realizing, [for example], with self-employed borrowers – they’re
making money, we need to figure out a way to help them qualify.”
https://www.bizjournals.com/pacific/news/2019/05/31/loosening-lending-restrictions-make-it-easier-for.html Page 2 of 2