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Honolulu Down Payment Loan Program

Hawaii

Available Assistance

The program provides applicants up to $40,000 in assistance funds in the form of a zero-fee, zero-interest loan with a 20-year amortization term. Minimum monthly payments can be lowered, based on the applicant’s credit qualifications. The borrower must be an owner-occupant at all times. However, in the case of sale or other transfer of the property—unless the new owner is income-eligible—the applicant is required to pay the City of Honolulu a specified percentage of the loan balance, which is reduced for each full year of occupancy. Depending on the availability of funds, loans are granted on a first-come, first-served basis.

Eligibility Requirements

To be considered eligible for the Honolulu Down Payment Loan Program, applicants must meet certain requirements. Only first-time homebuyers are eligible, and their annual household income must fall under the program’s limits (shown below). Prior to applying, borrowers must complete a homeowner education course that is approved by the City of Honolulu.

Property Guidelines

Any property being purchased must serve as the applicant’s primary residence, and must be located on Oahu. Under the Honolulu Down Payment Loan Program, all properties must be a legally permitted structures meeting all local building codes, and they must pass a Housing Quality Standards inspection. They must meet all other Federal requirements as well, such as those governing lead-based paint for homes built before 1978 and environmental reviews.

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