Hawaii First-Time Homebuyer Programs | The Lenders Network

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National First-Time Homebuyer Loans

• FHA Loans – FHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
• Conventional Loans – Conventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
• USDA Loans – USDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
• VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
• HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.

Helpful Resources

 

Eligibility for Hawaii Assistance

All of Hawaii’s mortgage assistance programs require purchasers to meet specific income guidelines, and the mortgages can only be used for principal residences. Read on to learn more about each program and its eligibility guidelines.

HHFDC Affordable Resale Program

 

Features

• Properties range from a $250,000 studio with parking space to a $500,000 three-bedroom, 2.5-bath, single-family unit.
• Units located in specific government-sponsored developments.
• Awarded by a lottery system.

 

Eligibility

• U.S. citizen or resident alien
• At least 18 years old
• Resident of Hawaii
• Will reside in the unit
• Meet income requirements
• Do not currently own a home or residence
• Units subject to HHFDC’s 10-year Buyback Program and Shared Appreciation Equity (SAE) Program restrictions

 

How it Works

The Hawaii Housing Finance & Development Corporation owns and sells both single-family homes and condominium units for qualified low-income buyers. The properties, ranging from $250,000 studios to $500,000 three-bedroom, single-family homes, are made available to qualified buyers through a lottery system.

Learn More

HHFDC mortgage credit certificate

 

Features

• A tax credit reduces the amount of income tax owed annually
• Remains in effect for the life of the loan
• Provides a deduction of up to 20% of annual mortgage interest

 

Eligibility

• The home must be a principal residence
• The borrower can’t have owned a home in the past three years
• A mortgage must be a new loan
• Subject to income and purchase price limits, depending on the county of residence
• Application and processing fees required

 

How it works

The HHFDC offers a mortgage credit certificate that reduces the amount of federal income tax you pay. A homeowner with a mortgage credit certificate qualifies for a tax credit worth 20% of their annual mortgage interest. The remaining 80% will still qualify as an itemized tax deduction. Borrowers must obtain the mortgage through qualified lenders listed here.

HHOC Mortgage’s down payment assistance loan program

 

Features

• 5% down payment
• Low monthly payment
• No mortgage insurance
• No prepayment penalty
• Maximum loan amount of $75,000

 

Eligibility

• First-time buyers or buyers who haven’t owned a home in three years
• Must be for a principal residence
• Must meet income requirements, which vary by county
• Must meet loan guidelines
• Must complete nine hours of homebuyer education
• Must complete one counseling session

 

How it works

An affiliate of the nonprofit Hawaii HomeOwnership Center, HHOC Mortgage offers financing that requires a low, 5% down payment. HHOC Mortgage helps connect buyers with a wide range of mortgage products, from conventional mortgages to FHA, VA, and USDA loans. The maximum amount of a down payment assistance loan is $75,000. Talk to a loan officer at HHOC Mortgage to determine your eligibility.

County of Maui’s first-time homebuyer’s down payment assistance program

Features

• Loans of up to $30,000 to help cover down payments on properties in Maui County
• Awarded by lottery

 

Eligibility

• Completed application and credit preapproval letter required; check website for lottery dates
• Resident of Maui
• U.S. citizen or resident alien
• At least 18 years old
• Household income must be 140% or less of the county’s median annual income
• Borrower must not have owned a home for at least three years
• Total assets not to exceed $75,000

 

How it works

Maui residents can seek down payment assistance through Maui County’s housing division. Applicants will be chosen through a lottery process. The maximum amount granted is $30,000. Check here for program deadlines.

Kaua‘i homebuyer loan program

 

Features

• Low-cost loans to first-time homebuyers on the island of Kaua’i
• Both primary and gap mortgages available

 

Eligibility

• U.S. citizen or resident alien
• At least 18 years old
• First-time homebuyer
• Property is primary residence
• Borrower must complete homebuyer education program
• Preference is given to Kaua’i residents
• Borrower must meet Kaua’i median household income limits

 

How it Works

The County of Kaua‘i offers low-cost primary and gap mortgages to qualified first-time homebuyers on the island of Kaua‘i. The maximum amount allotted is $450,000 for a primary mortgage and $150,000 for a gap mortgage. You can apply using the Kaua‘i Resident Affordable Home Buyer Registration Form once you have completed the homebuyer education program.

Learn More

City and County of Honolulu Down Payment Loans

 

Features

• 0% interest
• No fee
• Loan of up to $40,000
• First come, first served

Eligibility

• Home must be located on Oahu
• Income must fall at or below 80% of Honolulu median income (check here)
• The home must pass housing standards inspection
• Must be owner-occupied
• The borrower must complete a homebuyer education program

How it works

Honolulu’s Department of Community Services offers zero-interest, no-fee down payment loans to low- and moderate-income homebuyers in Oahu. The maximum amount allotted is $40,000, and the loans are given on a first-come, first-served basis. Let your lender know you are interested in this program; your lender can submit your file to the city to get approval.

Statewide and Regional Programs

Homebuying Programs

Statewide Programs

Alu Like, Inc.
Hale O Na Limahana
458 Keawe Street
Honolulu, HI 96813-5125
(808) 535-6700
Fax: (808) 524-1244
Email
Money Smarts – financial literacy program

Kulia Like – Financial Literacy

Hawai’i
32 Kino’ole Street, #102
Hilo, HI 96720
Phone: (808) 961-2625

KAUA’I
2970 Haleko Road, #203
Lihu’e, HI 96766
Phone: (808) 245-8545

LANA’I
730 Lana’i Avenue, Suite 108
P.O. Box 630667
L’na’i City, HI 96763
Phone: (808) 565-6043

MAUI
1977 Ka’ohu Street
Wailuku, HI 96793
Phone: (808) 242-9774

MOLOKA’I
Kulana ‘Oiwi Multi-Cultural Center
Maunaloa Highway, Kalama’ula Bldg D.
P.O. Box 1859
Kaunakakai, HI 96748
Phone: (808) 553-5393

O’AHU
Central Administrative Office:
Hale O Na Limahana
458 Keawe Street
Honolulu, HI 96813
Phone: (808) 535-1325
Email

Hawaiian Homes Commission
Department of Hawaiian Home Lands
P. O. Box 1879
Honolulu, HI 96805
Operator – (808) 620-9500
Homestead Applications Branch – (808) 620-9220
Receives and maintains applications of native Hawaiians for residential, agricultural or pastoral lot leases

Hawaiian Community Assets
200 N. Vineyard Blvd, Ste A-300
Honolulu, HI 96817
(808) 587-7886
Fax: (808) 587-7899
Toll free: (866) 400-1116

O’ahu
200 N. Vineyard Blvd, Ste A-300
Honolulu, HI 96817
(808) 587-7886

Maui (including Molokai & Lana’i)
655 Kaumualii Street
Wailuku, Hawai’i 96793
(808) 760-5100

Big Island
260 Kamehameha Ave. #207
Hilo, Hawai’i 96720
(808) 934-0801

Kauai
4523 Ioane Road
Anahola, Hawai’i 96703
(808) 632-2070
Provides comprehensive housing education and counseling

Hawaii Housing Finance and Development Corporation
677 Queen Street, #300
Honolulu, HI 96813
(808) 587-0620
Mortgage Credit Certificate, Affordable Housing, Hula Mae Mortgage, Section 8 Homeownership

Legal Aid Society of Hawaii
924 Bethel Street
Honolulu, HI 96813
(808) 536-4302 – Oahu
(800) 499-4302 – Neighbor Islands
Comprehensive housing counseling services

Nanakuli Housing Corporation
P. O. Box 17489
Honolulu, HI 96817
(808) 842-0770
Toll free from neighbor islands: (877) 668-2077
Homebuyer Education

Self-Help Housing Corporation of Hawaii
1427 Dillingham Blvd., Suite 305
Honolulu, HI 96817
(808) 842-7111
Self-Help Housing

U.S. Dept. of Agriculture – Rural Development
Federal Building, Room 311
154 Waianuenue Avenue
Hilo, HI 96720
(808) 933-8380
Fax: (808) 933-8327
Direct/Guaranteed Homeownership Loans, Rural Housing Loans and Grants

U.S. Department of Veterans Affairs
Spark M. Matsunaga Medical & Regional Office Center
Attn: Loan Guaranty Division (26)
459 Patterson Road
Honolulu, HI 96819-1522
(808) 433-0480
Loan Processing and Loan Guaranty Services, VA-Acquired Properties for Sale

City and County of Honolulu
Department of Community Services
51 Merchant Street, 1st Floor
Honolulu, HI 96813
(808) 768-7076
Rehabilitation Loan Program, Disaster Assistance Loan Program, Down Payment Loan Program, Sewer Connection Loan Program, and Solar Roof Loan Program

Hawaii HomeOwnership Center
1259 Aala Street, Suite 201
Honolulu, HI 96817
(808) 523-9500
Fax: (808) 523-9502
Toll free: (877) 523-9503
Homebuyer Education, Housing Counseling

Honolulu Habitat for Humanity
922 Austin Lane, #C-1
Honolulu, HI 96817
(808) 538-7070
Fax: (808) 538-7171
Email
Self-Help Housing

Pacific Housing Assistance Corporation
677 Ala Moana Blvd., Suite 712
Honolulu, HI 96813
(808) 523-5681
Fax: (808) 599-1821
Rent-to-Own Program – Tenney Village in Ewa

County of Kauai Housing Agency
4444 Rice Street, Suite 330
Lihue, HI 96766
Housing and Community Development: (808) 241-4444
Section 8 Rental Program: (808) 241-4440
Homebuyer Loan Program, American Dream Downpayment Assistance Program, Section 8 Homeownership

Kauai Habitat for Humanity
PO Box 28
Eleele, HI 96705
(808) 335-0296
Email
Self-Help Housing

County of Maui – Department of Housing and Human Concerns, Housing Division
35 Lunalilo Street, Suite 102
Wailuku, HI 96793
(808) 270-7351
Fax: (808) 270-6284
Email
Downpayment Program, HOME Investment Partnership Program, Housing Rehabilitation Program

Hale Mahaolu
200 Hina Avenue
Kahului, HI 96732
(808) 872-4100
Fax: (808) 872-4120
Comprehensive housing counseling services

Lokahi Pacific
1935 Main Street, Suite 204
Wailuku, Maui, HI 96793
(808) 242-5761
Fax: (808) 244-2057

Maui Habitat for Humanity
970 Lower Main Street
Wailuku, HI 96793
(808) 242-1140
Fax: (808) 242-1141
Email
Self-Help Housing

Molokai

Molokai Habitat for Humanity
PO Box 486
Hoolehua, HI 96729
(808) 560-5444
Fax: (808) 560-5446
Email
Self-Help Housing

Hawaii Island

County of Hawaii
East Hawaii:
50 Wailuku Drive
Hilo, HI 96720-2456
(808) 961-8379
Fax: (808) 961-8685
West Hawaii:
74-5044 Ane Keohokalole Highway, Building B, 2nd Floor
Kailua-Kona, HI 96740
(808) 323-4300
Fax: (808) 323-4301
Email
Downpayment Program

Hawaii Island Community Development Corporation
100 Pauahi Street, Suite 204
Hilo, HI 96720
(808) 969-1158
Serving Hawaii County: Mutual Self-Help Housing for low to very-low income families

Hale Aloha O Hilo Habitat for Humanity
700 Manono Street, Suite 102
Hilo, HI 96720
(808) 935-6677
Fax: (808) 935-6637
Email
Self-Help Housing

Habitat for Humanity West Hawaii, Inc.
75-5576 Kauhola Street
Kailua-Kona, HI 96740
(808) 331-8010
Email

Guam

Habitat for Humanity of Guam
Mailing Address:
PO Box 22511
Barrigada, Guam 96921
Physical Address:
159 Atty. Lamorena Street
Tamuning, GU
(671) 647-4667
Fax: (671) 647-4670
Email

Homebuyer Education Providers

Hale Mahaolu
200 Hina Avenue
Kahului, HI 96732
(808) 242-7027
Fax: (808) 242-4850
Homebuyer Education, Housing Counseling

Hawaii HomeOwnership Center
1259 Aala Street, Suite 201
Honolulu, HI 96817
(808) 523-9500
Fax: (808) 523-9502
Toll free: (877) 523-9503
Homebuyer Education, Housing Counseling

Hawaiian Community Assets
200 N. Vineyard Blvd, Suite A-300
Honolulu, HI 96817
Honolulu: (808) 587-7886
Fax: (808) 587-7899
Hilo: (808) 934-0801
Wailuku: (808) 760-5100
Anahola: (808) 632-2070
Toll free: (866) 400-1116
Homebuyer Education, Housing Counseling