Country grant downpayment approved but nothing available

[Jonah Molina]

I was notified today that I was selected for a county first time home buyer down payment assistant grant for up to $30,000. I was happy, thrilled, and excited... but... Im on Maui (born and raised) and the available market is either way too high for what I can afford or its HUD slum lord apartments.

We have 45 days to sign and submit a purchase contract and then 90day after submitting that to close escrow. Time is running.

Our entire savings is about $35,000 in stocks because we were planning on letting it grow. The sudden news of free $30k for a downpayment has that on pause tho. We save about $2,000 a month so that's basically what we can afford in terms of mortgage payments.

Im lost because while Im grateful that we were selected for this grant, the housing market on Maui is expensive. I don't want to throw everything at a property only to live on white bread and kraft cheese for 30 years while I pay it off.

I guess what Im asking for is guidance in terms of strategy for buying that first home then trading up to the next one or leveraging home equity to start the road of owning multiple properties.

stressing because of the time frame, the lack of my capital, the lack of selection on Maui, the cost, and timing...

[Travis Bradburn]

Get pre qualified so you know what you can borrow.  Marry Fabio is a great mortgage broker here on Maui look her up.  That 30k grant for downpayment is plenty if your going to live in the property as your primary residence.   I believe there are loans that start around 3.5% as the down payment.   Which puts you somewhere around the 750k purchase price range.   

Utilize that grant for the downpayment while leaving your personal saving in the stocks as a reserve fund.  

You can house hack to help build equity faster in your property since you won't be making a large downpayment through the 3.5% loan program.   

Best of Luck