Buying a home in Hawaii can be expensive, but there are several assistance programs available to help with down payments. The Hawaii Housing Finance and Development Corporation (HHFDC) is the state's housing and development agency and provides information and resources on affordable housing. There are three main assistance programs available statewide: the HHOC Mortgage Loan Program for Down Payment Assistance, the HHFDC Affordable Resale Program, and the HHFDC Mortgage Credit Certificate Program. The HHOC Down Payment Assistance Mortgage Loan Program (DPAL) is designed to help moderate and low-income families buy their first home.
It provides financing with a minimum down payment of 3%, low interest rates, no mortgage insurance, and assistance with down payment and closing costs. The HHFDC Affordable Resale Program helps eligible buyers purchase an existing home at an affordable price. The program provides a deferred loan of up to $50,000 to cover the difference between the purchase price of the home and the appraised value. The HHFDC Mortgage Credit Certificate Program helps eligible buyers reduce their federal income tax liability by up to $2,000 per year.
The program provides a federal income tax credit equal to 20% of the annual mortgage interest paid. If you're looking for assistance with down payments on affordable housing in Hawaii, these three programs are a great place to start. They can help make homeownership more accessible and affordable for individuals and families.
