Once again, Elima Lani is Waikoloa Village’s only FHA approved condo complex having just gotten re-certified for FHA financing.Â What does this mean for condo buyers and sellers?Â
Well for starters, it means a buyer can purchase with as little as 3%, or even $500 down instead of 20% or 30% down.Â Translated into dollars on a condo purchase of $120,000, that’s comparing $3,600 to $24,000 or $36,000! For many buyers, that’s the difference between being able to afford to purchase a condo and not having the down payment.
Elima Lani is 216 unitsÂ all 2 bed 2 bath; complex has 2 pools, mature landscaping, and ample parking
In December, most FHA financing for condo financing came up for review and pending loans come to a halt. I know this as IÂ had a buyer for an Elima Lani condo that just missed the December 8th cut off date.
But, I am happy to say thatÂ we we working with Wells Fargo andÂ with a little extra time, and a whole lot of extra work on the part of Leslie Woods and her team at Wells Fargo, Elima Lani is once again FHA certified.Â And very shortly,Â there will be one new condo owner calling Elima Lani home!
I love the Big Island!