If you need help with your first home purchase, the City and County of Honolulu has interest-free loans available to help with your down payment.
The loans are available for low-income and moderate-income families who meet certain qualifications.
The Department of Community Services is administering $410,000 in Federal HOME funds for the loan program, and is accepting applications from applicants’ mortgage lenders for loans up to $40,000.
The city says loans will be awarded on a first-come, first-served basis to qualified households.
“This federal funding can help Oahu families purchase a home and save thousands of dollars in interest payments,” Mayor Kirk Caldwell said. “I urge qualified households to take advantage of this gateway to homeownership and financial security.”
Interested families are required to apply for a loan through a mortgage lender after being approved for a first mortgage.
To qualify, applicants must provide five-percent of the purchase price as a down payment and complete an approved homeownership course.
A home inspection is also required.
For more information, call the city Department of Community Services Loan Branch at #768-7076.