|
Be sure to scroll down for complete information!
Kauai Real Estate |
Comparison to Full Ownership & Timeshare Fractional Ownership In The News
|
|
for Fractional Ownership  In the United States, a credit score is a number based on a statistical analysis of a person's credit files that represents the creditworthiness of that person, which is the likelihood that the person will pay his or her bills. A credit score is primarily based on credit report information, typically from the three major credit bureaus, namely Experian, Transunion and Equifax. There are different variants of credit score reporting. FICO is a credit score developed by Fair Isaac & Co, thus FICO. It is used by many mortgage lenders that as a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender. Each year, an American is entitled to one free credit report from each of the three agencies. The three credit bureaus run Annualcreditreport.com, where users can get their free credit report, normally without the credit scores. The credit scores are available as an add-on feature of the report for a fee. Below are fractional lenders doing business in Hawaii, a distinct advantage to you as they already know Fractionals and Kauai. Some general rules apply: Project Approval Forms must be submitted to the underwriters in advance, and accepted by them, prior to application for a loan. Your Fractional Marketing Team (Donna Rice [BIC, RSPS, CRS, GRI, RB], Kelly Condon [RS, GRI], Tom Rice [RS] will work with the developer (usually the original owner of a condo in a Visitor Destination Area – VDA – like Princeville or Koloa/Poipu)) to gather the facts for submission to the loan industry. Secondly, a FICO Score (The numerical indicator of creditworthiness) of 700+ is required, and full documentation of income and ability to pay, and perhaps other lender requirements, at least 25% cash down payment, are the main requirements at this writing. Each lender will have slightly different requirements, and interest rates and borrowing costs will vary. Fractional Lenders on Kauai Diego Lopez, Mortgage Broker Global Mortgage Group LTD Kapaa, HI 96746 E-Mail: dlopez@globalmortgagepartners.com Phone: 808-823-9200 Sharon Gerber Island Pacific Mortgage, LLC 3016 Umi Street #201 Lihue, HI 96766 E-Mail: sharon@islandpacificmortgage.com Phone: 808-246-2500 Fax: 808-246-2505 Cell: 808-635-7283 Corey K. Aguano, Branch Manager USFinancial Mortgage Corp. Office (808) 822-4423 Cell (808) 651-1881 Fax (808) 822-4718 Email: usfkmc@hawaiiantel.net Other brokers or lenders may be available to you. This short list is not an endorsement, but a service to our clients. We strongly recommend using a Hawaiian lender or broker who is familiar with Hawaii laws and can easily access information about Fractional Ownership. |
