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HHOC Down Payment Assistance Loan

Hawaii

Available Assistance

The DPAL Program allows borrowers to purchase a home with a 5 percent down payment and avoid mortgage insurance requirements through a second mortgage/the down payment loan. The maximum loan amount available to applicants is $75,000, fixed for a 20-year amortization and due in 15 years. The interest rate is up to 2 percent above the first mortgage rate.

Eligibility Requirements

In order to be considered eligible for the DPAL program, all applicants must meet certain requirements. Applicants must be first-time homebuyers; and individual who has owned a home in the last three years cannot qualify for the program. They must also have a mid FICO score no less than 700.

Property Guidelines

Under the DPAL Program, the home being purchased must serve as the applicant’s primary residence. Eligible properties include single family dwellings, condominium units or townhouses. If the applicant is putting no more than the minimum 5 percent down on the home, it must not exceed the program’s maximum purchase price of $500,000.

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