Loan Products

Overview

Welcome to the HHOC Mortgage Loan Center! Are you considering buying a home? Learn more about HHOC Mortgage home loan programs and find the best option to suit your needs and goals.

You can explore our site without any obligation or disclosure of personal information. However, you can begin the application process online if you want!

At any point, feel free to email or call us with any questions you may have. Our contact information is at the bottom of each page. We are here to personally help you through the entire home financing process.

Loan Products Only Available Through HHOC Mortgage

As a non-profit mortgage broker and lender, HHOC Mortgage offers unique down payment and closing cost assistance programs statewide. We are only able to provide these products when we coordinate the entire financing transaction and funds are available. We have relationships with a variety of local lenders and national mortgage companies that allow us to offer a diversified selection of first mortgage products to our clients.

Mortgage Booster

As interest rates remain much higher than they were a couple of years ago, this pilot program is meant to provide a “boost” to the amount a borrower can qualify for.

Minimum of 3% down payment.
Fixed interest rate of 3%.
Maximum loan amount of $50,000.
Amortized over 30 years.
Household income up to 120% of the Area Median Income

Down Payment Assistance Loan Program

HHOC Mortgage (HHOCM) is a 501(c)(3) non-profit affiliate of the Hawaii HomeOwnership Center. It was formed to serve primarily low to moderate-income families in obtaining financing for their first home purchase.

The DPAL Program provides an affordable alternative to mortgage insurance for buyers with a minimum of 3% down payment.

DPAL Program Overview

For households up to 130% of the Area Median Income
Minimum of 3% down payment required
Mortgage interest is set at 4.5% or matches the first mortgage rate (whichever is lower)
No mortgage insurance
No pre-payment penalty
The maximum loan amount for DPAL is $125,000
Amortized over 30-years

Max HLPR (Home Loan Payment Relief) Loan

This program provides a deferred down payment loan with NO interest payments and NO monthly payments.

Some Features of Max HLPR

0% interest.
Deferred principle repayment for 20 years or earlier upon sale, if borrower no longer occupies the property, taking cash out (e.g., refinance, HELOC).
Shared appreciation equity agreement.

Shared Appreciation Equity Calculation SAMPLE

Deferred Closing Cost Assistance Loan

This program offers a deferred loan with NO interest and NO monthly payments. The funds can be used towards your closing costs (including rate buy down).

Guidelines

Loan up to $10,000 with matched savings of $5,000 from the borrower.*
Borrowers agree to use the property as their primary residence and sign a yearly occupancy affidavit.
Loan is deferred for 15 years or earlier if the borrower no longer occupies the property, makes a change to the property title, or takes equity out (e.g. Home Equity Line of Credit, cash-out refinance).
Household income of up to 80% of the Area Median Income

*Borrowers in Honolulu County are eligible for a loan up to $5,000; borrowers in all other Counties are eligible for up to $10,000.

First mortgage products we offer

HHOC Mortgage brokers the first mortgages for our borrowers with local and national lenders. The options available through these relationships include:

Conventional

Loans that are not guaranteed or insured by the federal government. Usually follow Fannie Mae or Freddie Mac guidelines. If a borrower puts less than 20% down payment, mortgage insurance is required.

usda

Offers 100% financing. There is a guarantee fee and a monthly mortgage insurance premium. Property needs to be within the eligible area.

VA

Veterans Administration. Great program for veterans with no down payment required and lender rebates. 100% financing. Must have served active duty for 181 days, 90 days during wartime, or 6-years Reserves / National Guard. VA funding fee, but no monthly mortgage insurance costs.

fha

Federal Housing Administration. Low minimum down payment of 3.50%. Upfront mortgage insurance (MIP) and monthly mortgage insurance.