Honolulu’s Down Payment Loan Initiative Facilitates Homeownership
To foster homeownership and strengthen community bonds, the City of Honolulu proudly offers the Honolulu Down Payment Loan Program, a valuable initiative designed to support prospective homebuyers.
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Assistance Tailored to Your Needs The program extends a generous helping hand to eligible individuals by providing up to $40,000 in assistance funds. This assistance comes in the form of a zero-fee, zero-interest loan with a reasonable 20-year amortization term. The program offers flexibility in terms of minimum monthly payments, which can be adjusted based on the applicant’s creditworthiness. It’s important to note that borrowers are required to be owner-occupants of the property at all times. However, in the event of a property sale or transfer, unless the new owner meets income eligibility criteria, the applicant is obligated to repay the City of Honolulu a predetermined percentage of the remaining loan balance, with reductions for each full year of occupancy. The distribution of loans is subject to fund availability and operates on a first-come, first-served basis.
Eligibility Criteria To qualify for the Honolulu Down Payment Loan Program, applicants must meet specific eligibility criteria. Only first-time homebuyers are eligible for this program. Additionally, their annual household income must fall within the program’s defined limits, as outlined below. As a prerequisite, borrowers must complete a homeowner education course approved by the City of Honolulu before applying.
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Property Guidelines Properties purchased under the Honolulu Down Payment Loan Program must serve as the applicant’s primary residence and be located on Oahu. These properties must comply with local building codes and possess legal permits. Furthermore, they are required to pass a Housing Quality Standards inspection. Additionally, they must adhere to other federal requirements, including those related to lead-based paint for homes constructed before 1978 and environmental reviews.
Income Limits Household income, in the context of this program, encompasses all income received by household members aged 18 or older, irrespective of their presence on the mortgage. The income limits are established based on the number of individuals in the household:
- 1 person household: $58,600
- 2 person household: $67,000
- 3 person household: $75,350
- 4 person household: $83,700
- 5 person household: $90,400
- 6 person household: $97,100
- 7 person household: $103,800
- 8 person household: $110,500
- 9 person household: $117,200
- 10 person household: $123,880
The Honolulu Down Payment Loan Program stands as a testament to the city’s commitment to making homeownership a reality for its residents while fostering thriving communities.
