First-Time Home Buyer Programs in Hawaii

Hawaii Housing Finance & Development Corporation (HHFDC) Programs:

Hula Mae M Program:

Eligibility: First-time homebuyers (no homeownership in past 3 years) in Hawaii.
Offerings: 30‑year fixed-rate mortgage (conventional or FHA) at below-market rates via participating lenders. Can include down payment assistance.
Requirements:

• Income must not exceed county limits (e.g., HUD-based limit for Honolulu County is ~$152,000 for a family of four in 2025).
• Minimum credit score of 620 (640 for conventional loans).
• Debt-to-income ratio capped at 45%.
• Must complete HUD-approved homebuyer education.
• Provides deferred, 0% interest down payment assistance in conjunction with the first mortgage.

Down Payment Assistance Loan (DPAL):

Benefits: Up to 10% of purchase price (max $40,000) as a 0% interest, deferred second loan, due on sale, refinance, or after 30 years.
Eligibility: Must use an HHFDC first mortgage; follows standard income/purchase price limits similar to Hula Mae.

Local Programs:

Honolulu County

City and County DPA: Up to $40,000 in deferred, 0% interest loans; income limit ≤ 120% AMI (e.g., ~$145,320 for a family of four).

Maui County

First‑Time Home Buyers Program: Up to $30,000 as a 0% interest loan (forgivable after 10 years); income ≤ 140% AMI.

Hawaii County (Big Island)

Hawaii County DPA Program: Up to $20,000 as a 0% interest loan; income ≤ 100% AMI (e.g., ~$87,600 for a family of four).

Additional Information:

• Mortgage Credit Certificate (MCC): Up to 20% tax credit on mortgage interest (max $2,000); $500 fee; funding subject to availability.
• USDA & VA Loans: Available with 0% down for rural or veteran buyers.
• FHA Loans: Require 3.5% down with credit ≥ 580 (10% down if lower).