What to Buy? Townhome or Condo in Hawaii?
So I’ve been able to narrow my decision on what to buy to either a townhome or condo. It was easy to rule out a house as these cost over $600K here in Hawaii! Yes, unfortunately for our generation (X & Z) it’s going to be really hard to buy a house with a normal job…you’ll have to make an absurd amount of money to be able to afford one but that’s a whole different discussion. It looks as though I could get a decent townhome in the Kapolei area for just over $300K or a decent condo in Honolulu for under $300K.
To truly know what I can or can’t buy, my mortgage broker Steve Garcia over at Wells Fargo told me I should run my credit score. Running my credit score will give Steve a better idea on how large of a home lone I would qualify for which could possibly limit me to a cheaper condo if my credit isn’t so hot. I just recently purchased a car and found that my credit score was 720 which I was told was pretty good. However, Steve informed me that home loans look at something called a Fico (Fair Isaac Corporation) score which is used by banks to help their decisions with lending credit. Steve also informed me about a website which offers free credit scores www.annualcreditreport.com. I’ll report later what my credit score is after I run the report. I’m hoping for some good news!