As Hawaii’s ONLY non-profit mortgage broker, HHOC Mortgage has relationships with a variety of local lenders and national mortgage companies, that allows us to offer a diversified selection of mortgage products to our clients.
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 a financing requiring only 5% down payment.
Benefits of the DPAL Program
- Low 5% down payment requirement
- Low monthly payment
- Mortgage interest is tax deductible
- No mortgage insurance
- No pre-payment penalty
- Condominium or townhouse financing permissible when owner occupancy ratios are less than 50%
Since 2009, as Hawaii’s only non-profit mortgage broker we’ve been offering the full spectrum of loan products with rebate pricing & lenders’ credits. We help minimize Borrowers’ cash outlay for closing costs.
DPACC (Down Payment and Closing Cost)
The DPACC program is a 15 year deferred loan with NO interest and NO monthly payments. The funds can be used towards your down payment, closing costs (including rate buy down), or a mixture of both.
Low to moderate income (120% AMI or below), First-Time Homebuyers
- First-Time Homebuyer Education classes completed through Hawaii HomeOwnership Center
- Up to $10,000 loan matched on a 4:1 basis*
- HHOC Mortgage must originate the first mortgage
- Borrowers agree to use the property as their primary residence and sign a yearly occupancy affidavit
- Available to borrowers STATEWIDE
*Special restrictions do apply, call today for more details.
Frequently Asked Questions
Special loan for Veterans and other customers who meet the VA Administration eligibility program guidelines. 3, 15, and 30 year fix terms are available.
No down payment and up to 100% financing
USDA Guaranteed Rural Housing Loan
The USDA Guaranteed Rural Housing loan offers 100% financing to borrowers... Restrictions do apply; call us for more information. This program has total income limits per household, maximum housing & debt ratios and property location restrictions (USDA designated rural zone areas. HHOC Mortgage conducts monthly seminars on maximum financing. Call to register: 523-9500.
Who Originates the First Mortgage Loan?
The first mortgage must be originated through HHOC Mortgage, at the same time the Down Payment Assistance Loan (second mortgage) is originated. The first mortgage will be brokered to an approved Lender of the DPAL Program.
What is the Loan Term?
The loan payment is amortized for 20 years, and due in 15 years.
What is the Interest Rate?
The interest rate for the down payment assistance loan may be up to 2% above first mortgage interest rate.
Where and When Can I Apply for the DPAL Program?
To determine if you are eligible, you should speak to our Loan Officer at HHOC Mortgage. If you are eligible, DPAL funds will be reserved once you’ve entered into a purchase contract.
What is the Maximum Loan Amount for the DPAL Program?
The maximum loan amount for the down payment assistance is $75,000, and subject to availability of funds.
Is The DPAL Program Available if I’m Purchasing Any Property in the State of Hawaii?
It is available for single family dwelling, condominium or townhouse properties purchased as a principal residence. Contact the Loan Officer at (808) 369-8295 for assistance and details.
Who is Eligible for the DPAL Program?
In general, you must meet the following criteria:
- Must be a first time homebuyer or have not owned residential property within the last three years.
- Must not exceed the income limits per household size for the appropriate county.
- Must meet the loan program guidelines
- Must complete (approx. 9 hours) of in-class or on-line homebuyer education
- Must complete one counseling session