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HONOLULU (KHON2) — Low to moderate-income households on Oahu can now apply for interest-free down fee loans to help with the acquisition of a brand new residence.
The Division of Group Providers (DCS) is providing eligible candidates as much as $40,000 in HOME funds.
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Certified households are these incomes 80% of the realm median revenue or under, which is roughly $77,350 for a household of two or $96,650 for a household of 4.
“We’re more than happy we will present interest-free down fee loans to qualifying low and reasonable revenue households to help with buying their new residence,” stated Mayor Rick Blangiardi. “Each greenback counts, and this federal funding is a good alternative to attain the dream of residence possession.”
The Metropolis says the Down Cost Mortgage Program is a part of its efforts to advertise homeownership and create a stronger group.
Oahu households are required to use for a Metropolis mortgage by means of a mortgage lender after being accepted for a primary mortgage. There aren’t any software prices.
To qualify, candidates should present 5% of the acquisition worth as a down fee and full an accepted homeownership course. A house inspection can be required.
A complete of $800,000 can be found for the mortgage program. Loans might be awarded on a first-come, first-served foundation
For extra data, please contact the Metropolis and County of Honolulu, Division of Group Providers, Mortgage Department at (808) 768-7076 or go to their web site.