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
- Must be a UHFCU Member and open an account.
What Are The Income Limits?
Each (County) has its own income limits – please see below for the income limits.
Is this “DPAL” Program available if I’m purchasing any property in the State of Hawaii? It is available for single family dwelling, condominiums or townhouse properties purchased as a principal residence. Contact the Loan Officer at (808) 523-9505 for assistance and details.
What is the maximum loan amount for the “DPAL” Program?
The maximum loan amount for the down payment assistance is $50,000, and subject to availability of funds.
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 interest rate?
The interest rate for the down payment assistance loan will be 2.00% above the first mortgage rate.
What is the loan term?
The loan payment is amortized for 20 years, with a balloon payment due in 15 years.
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, and the DPAL will be financed thru UHFCU