STATEWIDE PROGRAMS

HHOC Downpayment Assistance Available
The Hawaii Homeownership Center (HHOC) works in conjunction with HHOC Mortgage which is a separate non-profit loan broker.

Homebuyers are not required to use HHOC Mortgage but must them to access the following downpayment assistance programs.

Downpayment Assistance Loan Program

Assistance Available:
HHOC Mortgage offers qualified buyers a 5% downpayment assistance loan that is amortized over 20 years and due in 15 years. The maximum loan amount is $75,000. There is no mortgage insurance requirement. The fixed interest rate is 1.5% above your first mortgage rate.

Qualifications:
Borrowers must have a minimum mid FICO score of 700. You must complete a HHOC homeowner education course. Single family homes, townhomes, and condominiums qualify.

Downpayment and Closing Cost Deferred Loan

Assistance Available:
HHOC Mortgage offers a deferred loan to assist with downpayment and closing costs (including rate buy down) for low to moderate income homebuyers. Up to $10,000 is available depending on your income and household size. HHOC will match your contribution on a 4 to 1 basis. You must use seasoned savings. The loan is deferred for 15 years with no monthly payments and 0% interest.

Qualifications:
The income limit is 120% of the area median. You must be a first time homebuyer using the property you purchase as your primary residence. You will be required to sign an annual occupancy affidavit.

HHOC Mortgage must be the originator of the first mortgage in order to take advantage of both the 5% downpayment assistance program and the downpayment and closing cost deferred loan.

Hula Mae Mortgage Loan Program

Assistance Available:
The Hawaii Housing and Finance and Development Corporation offers first time homebuyers 30 year home loan packages that include 3% of the purchase price in downpayment assistance. Loans must close within sixty days.

Qualifications:
The Hula Mae Mortgage loan program is open to those residents of Hawaii who meet the gross annual income limits. Single family home, townhomes, and condominiums qualify. You must occupy the property as your primary residence for the life of the loan. There are purchase price limitations.

CITY AND COUNTY PROGRAMS

Honolulu
City and County of Honolulu Downpayment Loan Program

Assistance Available:
Honolulu is utilizing the HOME Investment Partnership Act funds from the U.S. Department of Housing and Urban Development (HUD) to provide up to $40,000 in downpayment assistance and closing cost assistance to low and moderate income homebuyers. This is a 0% interest loan with monthly payments based on a 20 year amortization. Funds are limited and awarded on a first come, first serve basis.

Qualifications:
Income limits are 80% of Honolulu’s median income. Prior to loan application homebuyers must attend a city approved homebuyer education course. The property must be located on Oahu and meet all the local building codes. The property must also pass a Housing Quality Standards inspection. You must occupy the property as your primary residence at all times.