HomeOwnership Center

HHOC is a non-profit dedicated to offering affordable mortgage loans to Hawaii’s homebuyers.

DOWN PAYMENT ASSISTANCE LOAN PROGRAM

HHOC Mortgage (HHOCM) is a 501(c)(3) non-profit affiliate of the Hawaii HomeOwnership Center.  It was formed to serve primarily low to moderate income families in obtaining financing for their first home purchase.

The DPAL Program provides financing requiring only a 3% down payment and is a second mortgage for First-Time Buyers with a household of up to 120% of the Area Median Income (AMI).

DPAL Program Overview

  • Minimum of 3% down payment requirement

  • Mortgage interest is set at 4.5% or matches the first mortgage rate (whichever is lower)

  • No mortgage insurance

  • No pre-payment penalty

  • The maximum loan amount for DPAL is $125,000

  • HHOC Mortgage must originate the first mortgage

  • First-Time Homebuyer Education classes & a coaching session completed through Hawaii HomeOwnership Center

MORTGAGE BOOSTER

As interest rates remain much higher than a couple of years ago, this pilot program is meant to provide a “boost” to the amount a borrower can qualify for.

  • Minimum of 3% down payment.

  • Fixed interest rate of 3%.

  • Maximum loan amount of $50,000.

  • Amortized over 30 years.

  • HHOC Mortgage must originate the first mortgage

  • First-Time Homebuyer Education classes & a coaching session completed through Hawaii HomeOwnership Center

  • Can be combined with other HHOC Mortgage products.

Since 2009, as Hawaii’s only non-profit mortgage broker, we’ve been offering the full spectrum of loan products with rebate pricing & lenders’ credits. We help minimize Borrowers’ cash outlay for closing costs.

DEFERRED CLOSING COSTS ASSISTANCE LOAN*

This program offers a 15-year deferred loan with NO interest and NO monthly payments.  The funds can be used towards your closing costs (including rate buy down).

Guidelines:

For low to moderate-income (120% AMI or below), First-Time Homebuyers

  • First-Time Homebuyer Education classes & a coaching session completed through Hawaii HomeOwnership Center

  • Up to $15,000 loan matched on a 6:1 basis

  • HHOC Mortgage must originate the first mortgage

  • Borrowers agree to use the property as their primary residence and sign a yearly occupancy affidavit

  • Available to borrowers STATEWIDE

*Special restrictions do apply, call today for more details.

Conventional: Loans that are not guaranteed or insured by the federal government. Usually follow Fannie Mae or Freddie Mac guidelines. If borrower puts less than 20% down payment, mortgage insurance is required.

USDA: Offers 100% financing. There is a guarantee fee and a monthly mortgage insurance premium. Property needs to be within eligible area.

VA: Veterans Administration. Great program for veterans with low interest rates and lender rebates. 100% financing. Must have served active duty for 181 days, 90 days during wartime, or 6-years Reserves / National Guard. VA funding fee, but no monthly mortgage insurance costs.

FHA: Federal Housing Administration. Low minimum down payment of 3.50%. Upfront mortgage insurance (MIP) and monthly mortgage insurance. Offers low down payment and little to zero closing cost.

All information on this page was provided by https://hhocmortgage.org/. Readers are encouraged to confirm if the information is up to date by going to https://hhocmortgage.org/.