First-Time Homebuyers
Your First
Home
Buying your first home on Oʻahu can feel exciting and overwhelming at the same time. Between home prices, financing, condominiums and single-family homes, monthly ownership costs, inspections, and the purchase process itself, there is a lot to understand. This guide will help you know what to expect and which questions to ask so you can make informed decisions with confidence.
Where to Begin
Start with the conversation
The best first step is talking to someone who understands Oʻahu real estate. Marilou will listen to your goals, help you understand what is realistic, and connect you with the professionals you need, including lenders who work with first-time buyers. There is no cost or obligation for this initial conversation.
Financial Preparation
Understanding costs
Homeownership costs in Hawaiʻi deserve careful consideration. Beyond the purchase price, buyers should be prepared for:
Down payment options vary by loan program and borrower eligibility. Certain conventional programs may offer down payments as low as 3%, FHA financing may allow a 3.5% minimum down payment for qualifying borrowers, and eligible VA borrowers may be able to purchase with no down payment depending on the circumstances of the loan.
Closing costs are separate from the down payment and vary by transaction. The Consumer Financial Protection Bureau notes that closing costs are typically about 2% to 5% of the purchase price, excluding the down payment, although actual costs depend on the loan, property, transaction, and other factors.
First-Time Buyer Resources in Hawaiʻi
You May Have More Options Than You Realize
First-time buyers may have access to loan programs or homebuyer assistance that can help with financing or upfront costs. Eligibility depends on the program, income, property, financing, and other requirements.
Hawaiʻi also offers programs for qualifying homebuyers through the Hawaiʻi Housing Finance and Development Corporation (HHFDC). Because programs and eligibility requirements can change, Marilou can help you identify questions to ask and connect you with lenders familiar with current first-time homebuyer programs.
Explore HHFDC Homebuyer ProgramsCondos vs. Single-Family
Choosing your property type
On Oʻahu, first-time buyers often choose between condominiums and single-family homes. A condominium can offer a more accessible purchase price, but a lower purchase price does not necessarily mean lower overall housing costs. Buyers should consider the monthly maintenance or association fees and understand what those fees cover, from common-area upkeep to building insurance and reserves.
Condominium due diligence may include reviewing the association's financial condition, reserves, insurance, pending or recent special assessments, governing documents, and meeting information when available, and confirming whether the condominium project meets your lender's requirements.
Single-family homes offer more privacy, space, and independence, along with their own considerations: purchase price, maintenance responsibilities, lot and exterior upkeep, property condition, insurance, and location. Neither a condominium nor a single-family home is inherently the better choice. The right property type depends on your budget, lifestyle, long-term plans, monthly ownership costs, and individual priorities.
Marilou will help you weigh the trade-offs and find the option that fits your lifestyle, budget, and long-term goals.
The Process
Step by step to closing
Get Pre-Approved
A lender reviews your finances and issues a pre-approval letter, telling you what you can comfortably afford.
Define Your Priorities
Work with Marilou to identify your must-haves, nice-to-haves, and deal-breakers. This shapes the entire search.
Tour Homes & Neighborhoods
See properties in person with an experienced guide who can point out what photos cannot show.
Make an Offer
Marilou prepares a competitive offer based on market data and your specific situation.
Inspections & Due Diligence
A professional home inspection can help identify property conditions and potential concerns so you can make more informed decisions during your inspection period.
Close & Get Your Keys
Through the escrow process, all documents and funds are exchanged, and you receive the keys to your new home.
Common first-time buyer questions
How much do I need for a down payment?
It depends on your loan type and eligibility. Conventional loans may require as little as three percent down, FHA loans as low as 3.5 percent, and VA loans for eligible buyers may require no down payment at all. Marilou can connect you with a lender to explore your specific options and can point you to first-time homebuyer programs in Hawaiʻi.
Is it better to buy a condo or a house?
An Oʻahu condominium may offer a lower entry price and different maintenance responsibilities than a single-family home. Single-family homes may offer more space and different ownership and maintenance considerations. The right choice depends on your budget, total monthly ownership costs, lifestyle, long-term plans, and individual priorities.
How long does the process take?
Once an offer is accepted, the time to closing varies depending on the financing, property, contract terms, contingencies, appraisal, inspections, and other transaction requirements. Before you make an offer, Marilou will help you understand the anticipated timeline and important deadlines.
Can I buy if I have student loans or other debt?
Yes, many buyers have existing debt. Lenders evaluate your debt-to-income ratio as part of the pre-approval process, an important early step when buying a home on Oʻahu. A good lender can help you understand your options and may suggest strategies to improve your purchasing power.
Your First Home Starts With Good Information
Buying your first home is a major decision, and you don't have to understand everything before starting the conversation. Marilou will help you understand the process, evaluate your options, and make informed decisions at each step based on your goals, budget, and the realities of the Oʻahu market.