HONOLULU (KHON2) — Low to moderate-income households on Oahu can now apply for interest-free down payment loans to assist with the purchase of a new home.
The Department of Community Services (DCS) is offering eligible applicants up to $40,000 in HOME funds.
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Qualified households are those earning 80% of the area median income or below, which is approximately $77,350 for a family of two or $96,650 for a family of four.
“We are very pleased we can provide interest-free down payment loans to qualifying low and moderate income households to assist with purchasing their new home,” said Mayor Rick Blangiardi. “Every dollar counts, and this federal funding is a great opportunity to achieve the dream of home ownership.”
The City says the Down Payment Loan Program is part of its efforts to promote homeownership and create a stronger community.
Interested Oahu families are required to apply for a City loan through a mortgage lender after being approved for a first mortgage. There are no application costs.
To qualify, applicants must provide 5% of the purchase price as a down payment and complete an approved homeownership course. A home inspection is also required.
A total of $800,000 are available for the loan program. Loans will be awarded on a first-come, first-served basis
For more information, please contact the City and County of Honolulu, Department of Community Services, Loan Branch at (808) 768-7076 or visit their website.