HHOC Down Payment Assistance Loan

The Hawaii Home Ownership Center and HHOC Mortgage provide this down payment assistance to help cover the costs of the down payment, closing, and other prepaid items.

Through this assistance, applicants can receive up to $75,000. This is an amortizing fixed-rate loan with a 15-year term. The interest rate for this loan is as much as 2% more than the first mortgage interest rate.

Qualified applicants must have not owned a house in the prior three years, be first-time homebuyers, and have a middle FICO score of at least 700. In addition, applicants must have 9 hours of approved homebuying education, which can be completed either in person or online, as well as HHOC counseling. The borrower must be planning to use the house as their primary residence. Single family dwellings, condominium units and townhouses are all allowed.

Borrowers must be able to put down at least 5% for the down payment from their own funds. If the applicant is putting only 5% down, then as of 2020 the sales price of the house cannot be more than $500,000.

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