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Welcome to Infinite Financial – Your Trusted Mortgage

and Life Insurance Partner


Welcome to Infinite Financial, your trusted guide in the world of mortgages and life insurance. Our dedicated team prides itself on exceptional service, drawing on extensive expertise to tailor solutions to your unique needs. We turn complexity into simplicity, guiding first-time homebuyers, seasoned investors, and individuals seeking long-term wealth security.

Infinite Financial is not just a service provider - we aim to be your lifelong partner. We understand your goals, devise strategies to match, and stay by your side, providing support and open communication every step of the way.

With a firm commitment to learning and industry trends, we empower you with innovative solutions and the knowledge to make informed decisions. Explore our website, discover how we can light your path to financial security, and take the first step towards a bright financial future. Welcome to Infinite Financial, where the possibilities are endless.

Our Services

Mortgage Products

Explore our mortgage products for a tailored financing solution that meets your needs. From first-time homebuyers to real estate investors, we offer a wide range of options to help you achieve your homeownership or investment goals.

Life Insurance Products

Protect your loved ones and secure their future with our life insurance products. Choose from a variety of coverage options, including term life, whole life, and universal life policies. Our flexible plans offer peace of mind and financial security.

Talk to a Professional

Connect with our professional loan officers for expert guidance throughout the mortgage process. Get personalized assistance and make informed decisions on your path to homeownership. Start your journey with us today!

WHY INFINITE FINANCIAL?

✔Best products to suit customer’s needs

✔Think outside the box

✔Fast closings (lender dependent) – As little as 2 weeks

✔Appraisal waivers

✔Best rates/terms or match other lenders

✔No overlays Can close loans in buildings others can’t

✔Broker locally and nationally

✔Extra level of service can help close deal

✔Help customers with credit to qualify or get a better rate

Blogs

Conforming Loan Limits, Rates Drop, Master Hurricane Gap Lending Options Update

New 2024 Conforming Loan Limits, Rates Drop, Master Hurricane Gap Lending Options Update

November 28, 20233 min read

Hi all,

 

Here’s some exciting news affecting the ability of buyers to qualify for home purchases.  Please let me know if you have any questions.

 

FHFA 2024 Loan Limits

Today, the new limit for conforming loans (one-unit conventional and HECM reverse mortgages) in Hawaii for 2024 was announced at $1,149,825, up from $1,089,300 in 2023.  We can now do these loans up to the $1,149,825 loan amount limit.

With the easier underwriting and higher debt-to-income ratios allowed at higher loan amounts, combined with declining mortgage rates, more people will be able to qualify for higher-priced homes going forward.  We can combine conforming loans with piggyback HELOC’s to allow people to qualify for higher amounts than they can using a jumbo loan.

  

Mortgage Rates Drop

The average 30-year fixed mortgage rate has dropped from a peak over 8% last month to 7.30% today, and we can get borrowers rates well below average.  Although rates move up and down, we expect them to trend lower in coming years, allowing more people to qualify to buy homes at current prices.

If you know anyone who has been waiting for rates to drop before buying, please let us know, and we’ll be happy to help them.

 

Update:  Master Hurricane Gap Lending Options

Unfortunately, Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises (GSE’s) that set the guidelines for conventional loans, which most lenders follow for other types of loans, too, require that a condo building’s master hurricane insurance policy provide 100% coverage of the replacement value for the building. 

There are a number of condo buildings in Hawaii that currently don’t have sufficient master hurricane insurance coverage to meet this requirement.  As a result, most lenders can’t finance units in these buildings.

National Lenders

Fortunately, one national lender we work with has confirmed with their head of credit that they have no minimum coverage requirement for condo master hurricane insurance.  They do full documentation, bank statement, jumbo, foreign national, asset dissipation, and DSCR loans, but not conventional, VA, FHA, or USDA loans, with a minimum 10% down payment.  Their rates are a little higher than a conventional loan, with rates varying quite a bit depending on the down payment, credit score, type of loan, and other factors.

Another national lender we work with has a condo department that hasn’t been checking the master hurricane coverage on conventional, VA, FHA, USDA, or jumbo loans, but we don’t know how much longer that will be the case.

 

Local Lenders

Most local lenders will not lend on these buildings at this time.  One local lender we work with, Finance Factors, has decided to finance units in these buildings with their standard ARM program (no fixed-rate mortgages), as long as the borrower obtains hurricane “gap” insurance, though they’re still discussing internally what their insurance requirements will be to close these loans – they haven’t yet closed any and they expect to have an update very soon.  Their standard ARM rates are higher than conventional loans, and they require a bigger down payment, but at least they are allowing financing on these buildings.

If you’d like a flyer on these options, or more details, please let me know.

loan limitsrates drophurrican lendinghawaiiinfinite financialloan updates
Duncan Hsia combines his financial background (graduated from the Wharton Business School and Punahou School) and extensive customer service experience to deliver an unmatched experience to mortgage customers.

Duncan prides himself on providing clients and agents with excellent communication, making sure they’re comfortable with every step in the process, and working with them to get the best terms for their needs. Whether helping them buy their dream home or helping them lower their monthly housing costs through refinancing, Duncan relishes the sight of happy clients improving their financial situation.

Duncan Hsia

Duncan Hsia combines his financial background (graduated from the Wharton Business School and Punahou School) and extensive customer service experience to deliver an unmatched experience to mortgage customers. Duncan prides himself on providing clients and agents with excellent communication, making sure they’re comfortable with every step in the process, and working with them to get the best terms for their needs. Whether helping them buy their dream home or helping them lower their monthly housing costs through refinancing, Duncan relishes the sight of happy clients improving their financial situation.

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FREE Guide to Home Financing in Hawaii

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