The State of Hawaii on April 9 launched the Hula Mae first time home buyer program. Hula Mae is a mortgage program available to Hawaii residents who are U.S. citizens over the age of 18. Applicants cannot be previous recipients of the program and the home must be owner-occupied until the loan is repaid.
This loan is available for new home buyers or buyers who have not owned any land or property within the last three years. The program offers 30-year fixed interest rates as low as 3.45% with a 4.041% annual percentage fee. There is also an ability to obtain a down payment assistance option for up to 3% of the contract sales price with a fixed interest rate as low as 3.80% and annual percentage rate of 4.412%. In order to qualify for the down payment assistance you cannot place a down payment of more than 10% of the purchase price.
Not all participating lenders who offer Hula Mae financing are offering the down payment assistance option. Honolulu HomeLoans is one of the participating lenders who does offer the down payment assistance option.
For more details on the Hula Mae program visit the website of the Hawaii Housing Finance and Development Corporation http://hawaii.gov/dbedt/hhfdc or call the HHFDC Hula Mae Information Line (808) 587-0567.
To find out how much you may pre-qualify for, and whether you can qualify for Hula Mae financing, contact a Honolulu HomeLoans officer today for a no-obligation consultation at 681-7500.
The Hula Mae program has limited availability of funds, so if you are eligible for the program and you qualify for a mortgage loan you should act now!