For Immediate Release:
November 21, 2012
STATE OFFERS 2.95% LOW RATE AND 3.45% DOWNPAYMENT ASSISTANCE MORTGAGES FOR FIRST – TIME HOMEBUYERS HONOLULU
The Hawaii Housing Finance and Development Corporation (HHFDC) is pleased to announce that $15 million in Hula Mae single – family loan funds are available for eligible first – time homebuyers at reduced rates.
The Hula Mae program offers Fannie Mae and Ginnie Mae 30 – year mortgage low rate loans of 2.95 percent through participating lenders. It also offers a down payment assistance loan for up to 3 percent of the contract sales price at a rate of 3.45 percent.
Bothloan typeshave a 1.25percentloan fee for aFannie Mae loan and a 1percentloan fee for a Ginnie Mae loan plus closing costs.
“We have reviewed similarsingle-family financing programs and are excited to offer these verycompetitive rates to first-time homebuyers,” said HHFDC Executive Director Karen Seddon.”
Increasing financ ing opportunit ies for homebuyers promotes both economic and social growth for Hawaii residents .”
Eligible borrowers must meet program criteria, which include no prior ownership or interest in a principal residence for the past 3 years; meeting income and purchase price limits; and occupying the property throughout the term of the loan. Hula Mae loans may be used to purchase a new or existing single family residence and townhouse or condominium unit. Leasehold residences must have at least 35 remaining years on the lease and the lease rent must be fixed for no less than 10 years. Hula Mae loans cannot be used to ref inance existing mortgages, purchase fee simple title to leasehold property or convert agreement of sales.
The down payment assistance loan does not provide any direct cash to the borrower, and the homebuyer must provide 1 percent of the purchase price.
Hawaii Housing Finance and Developme nt Corporation Hula Mae Information Line – (808) 587 – 0567
Despite the current economic climate, HHFDC is continuing to bring innovating finance tools and explore new business opportunities. For a closer look at how HHFDC is empowering first – time homebuyers with low interest rate loans, down payment assistance and mortgage credit certificates, visit the website at www.hawaii.gov/dbedt/hhfdc
Use the following form to request information about the Hula Mae Program[contact-form-7 404 "Not Found"]