A newly revived state program is offering a lifeline to prospective homeowners in Hawaii. The Hale Kamaʻāina Mortgage Program, formerly known as the Hula Mae Single Family Mortgage Program, offers below-market interest rates to qualified first-time homebuyers. This initiative is particularly significant given the current market conditions, where interest rates have recently surpassed 6.25% Maui News.
The program provides 30-year fixed-rate mortgages with interest rates as low as 5.40% without down payment assistance, and 5.65% when coupled with state housing down payment assistance. This is a considerable advantage compared to prevailing market rates, offering potential savings and making homeownership more accessible for eligible residents. This will help individuals and families, and also support housing stability across the islands, as stated by Hawaii Public Radio.
This initiative comes at a critical time, as high interest rates and the overall cost of living have made homeownership increasingly difficult. The program's relaunch recognizes the need to address the challenges faced by many residents seeking to achieve the dream of owning a home in Hawaii. The program provides an opportunity for potential buyers struggling with the high costs associated with purchasing property in the state. According to Hawaii Public Radio, this revival is a conscious step toward enabling more local residents to afford housing.
While the program offers attractive terms, it's crucial for prospective homebuyers to understand the eligibility requirements, which include being a State resident, being over 18 years of age, and not owning property in the last three years Hawaii Public Radio. Interested parties should contact a participating HHFDC lender for detailed information and to begin the application process. The Department of Business, Economic Development and Tourism (DBEDT) provides a list of approved lenders and program details on its website dbedt.hawaii.gov/hhfdc/hk-mortgage-program/.
