Hula Mae Mortgage Loan Program
Financial Assistance for Homebuyers in Hawaii
Available Assistance
In addition to a 30-year mortgage loans at very competitive interest rates, the Hula Mae Program offers income-eligible, first-time homebuyers down payment assistance up to 3 percent of the property purchase price. Individuals applying for down payment assistance must keep in mind that the interest rates for such loans are subject to change
Eligibility Requirements
In order to be considered eligible for the Hula Mae Program, applicants must be older than 18 years of age, residents of Hawaii, and citizens or declarant aliens of the U.S. This program is designed for only first-time homebuyers; any individual who has had any ownership interest in a principal residence or a beneficial interest in a land trust involving a principal residence—within or without the State of Hawaii—cannot qualify for the program. Prior recipients of the Hula Mae loan are also not eligible.
Property Guidelines
Any property being purchased must serve as the applicant’s primary residence, be located within the State of Hawaii, and fall under the purchase price limit of each county. Eligible properties include new or existing single-family residences and townhouse/condominium units.
Income Limits
Applicants’ annual household income must fall within the program’s set income limits (shown below), adjusted for county and family size. Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.
Honolulu County
2 persons or less: $123,600
3 persons or more: $144,200
Maui County
2 persons or less: $107,160
3 persons or more: $125,020
Kauai County
2 persons or less: $98,880
3 persons or more: $115,360
Hawaii County
2 persons or less: $88,080
3 persons or more: $102,760
(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Hawaii
HHOC Down Payment Assistance Loan
This Down Payment Assistance Loan allows borrowers to purchase a home with a 5 percent down payment and avoid mortgage insurance requirements through a second mortgage/the down payment loan. The maximum loan amount available to applicants is $75,000.
Honolulu Down Payment Loan Program
The Honolulu Down Payment Loan Program provides applicants up to $40,000 in assistance funds in the form of a zero-fee, zero-interest loan with a 20-year amortization term. Minimum monthly payments can be lowered, based on the applicant’s credit qualifications.
Hula Mae Mortgage Loan Program
The Hawaii Housing Finance and Development Corporation (HHFDC) offers homebuyers the Hula Mae Mortgage Loan Program. In addition to an affordable home loan, the program provides assistance toward making the down payment associated with a mortgage.
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