Embrace Homeownership with the Hula Mae Mortgage Loan Program

In an unwavering commitment to making homeownership a reality for individuals and families in Hawaii, the Hawaii Housing Finance and Development Corporation (HHFDC) proudly introduces the Hula Mae Mortgage Loan Program. This exceptional program not only provides aspiring homebuyers with affordable home loans but also offers invaluable assistance for covering the down payment associated with purchasing a home.

Comprehensive Assistance The Hula Mae Mortgage Loan Program goes beyond offering traditional mortgage loans. It extends a helping hand to income-eligible, first-time homebuyers by providing down payment assistance of up to 3 percent of the property’s purchase price. It’s important to note that while this program offers incredibly competitive interest rates on loans, the interest rates for down payment assistance loans are subject to change.

Eligibility Criteria To qualify for the Hula Mae Program, applicants must meet certain eligibility requirements. They should be at least 18 years old, residents of Hawaii, and either U.S. citizens or declarant aliens. It’s crucial to understand that this program is exclusively tailored for first-time homebuyers. Individuals who have had any ownership interest in a principal residence or a beneficial interest in a land trust involving a principal residence, whether within or outside the State of Hawaii, are not eligible. Additionally, prior recipients of the Hula Mae loan cannot reapply for the program.

Property Guidelines Properties eligible for purchase under the Hula Mae Program must serve as the applicant’s primary residence and be located within the State of Hawaii. They must also fall within the specified purchase price limit for each county. Eligible properties encompass both new and existing single-family residences, as well as townhouse/condominium units.

Income Limits Applicants’ annual household income must align with the income limits defined by the program, taking into account the county of residence and family size. Household income encompasses all income received by household members aged 18 or older who will be residing in the home, even if they are not listed on the mortgage.

• Honolulu County:
  • 2 persons or fewer: $123,600
  • 3 persons or more: $144,200
• Maui County:
  • 2 persons or fewer: $107,160
  • 3 persons or more: $125,020
• Kauai County:
  • 2 persons or fewer: $98,880
  • 3 persons or more: $115,360
• Hawaii County:
  • 2 persons or fewer: $88,080
  • 3 persons or more: $102,760

The Hula Mae Mortgage Loan Program stands as a beacon of hope for those looking to embark on their homeownership journey in the beautiful islands of Hawaii. With its range of financial support and clear eligibility criteria, the program aims to turn the dream of owning a home into a tangible reality for countless individuals and families.