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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.
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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.
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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.
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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
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✔Extra level of service can help close deal
✔Help customers with credit to qualify or get a better rate
Blogs
Breaking News! Master Hurricane Insurance Gap Lending Options -- Finance Factors Out!
Hi all,
A big issue has come up recently for financing condos without sufficient master hurricane insurance.
Update: Master Hurricane Insurance Gap Lending Options
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.
For various reasons, there are many 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.
Local Lenders not Offering Financing for Master Hurricane Insurance Gap Buildings
Local lenders are currently not offering financing for these buildings that don’t have sufficient master insurance coverage. The one local lender who had decided to finance these buildings with restrictions when the borrower had their own “gap hurricane coverage” has suspended offering this financing.
Fortunately, we can still finance these buildings using two of our national lenders. See below.
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.
We currently have loans in process with both of these lenders, and have recently closed loans with them in these buildings.
If anyone wants more details on the background and intricacies of this issue, please feel free to call me.
Please let us know if we can help with any buyers or listings you have for these buildings. We have a great team of 10 loan officers who can help.
Aloha,
Duncan Hsia
Owner, Loan Originator NMLS # 998053
Infinite Financial, LLC NMLS # 1866302
Life insurance license # 475332
1050 Queen St., Suite 100, Office A2
Honolulu, HI 96814
Cell: 808-489-1067
Fax: 808-649-3885
duncan@infinitefinancialllc.com
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1050 Queen St., Suite 100, Office A2
Honolulu, HI 96814
(808) 489-1067
support@infinitefinancialllc.com
