UA-73218822-1
  Home    About Us    Loan Information    Loan Products    FAQ    Resources  

As a mortgage broker, HHOC Mortgage has signed up with a variety of local lenders and national mortgage companies, that allows us to offer a diversified selection of mortgage products to our clients.

HHOC Mortgage

DOWN PAYMENT ASSISTANCE LOAN

 

PROGRAM

 

HHOC Mortgage (HHOCM) is a 501c3 non-profit affiliate of the Hawaii HomeOwnerhsip Center.  It was formed to serve primarily low to moderate income families in obtaining financing for their first home purchase.

 

The University of Hawaii Federal Credit Union (UHFCU) has selected the Hawaii HomeOwnership Center Mortgage (HHOCM) to originate $1million in Down Payment Assistance Loans (DPAL) for their members who are eligible first-time home buyers.  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%

 

Frequently Asked Questions

 

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  
  • 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

.

 

 
Down Payment Assistance Loan (DPAL) - 2nd Mortgage
USDA Guaranteed Rural Housing Loan
VA Loan
15 Year Conventional Fixed Rate
30 Year Conventional Fixed Rate
Conventional Adjustable Rate Mortgage (ARM)
Portfolio Loan

Down Payment Assistance Loan (DPAL) - 2nd Mortgage

First time home buyer loan program in joint partnership with the Universtity of Hawaii Federal Credit Union, which requires a minimum 5% down payment and up to 95% maximum financing.  Lower monthly payment due to no mortgage insurance monthly payment for financing over 80%!

Term: 15 years   Maximum Amount: $50,000
 

Fix interest rate, fix term payments amortizied for 20 years with a balloon payment at the end of 15 years with NO pre-payment penalty


USDA Guaranteed Rural Housing Loan

The USDA Guaranteed Rural Housing loan offers 100% financing to borrowers with allowance for including closing costs.  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.

Term: 30 years   Maximum Amount: $625,500

VA Loan

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


15 Year Conventional Fixed Rate

 No surprises!  Fixed interest rate and fixed monthly payments for 15 years.

Term: 15 years   Maximum Amount: $625,500

30 Year Conventional Fixed Rate

No surprises!  Fixed interest rate and fixed monthly payments for 30 years.

 

Term: 30 years   Maximum Amount: $625,500

Conventional Adjustable Rate Mortgage (ARM)

3, 5, 7, or 10 Year fix rate terms with the rate becoming adjustable after the initial fixed rate period.


Portfolio Loan

ARM and Fix Rate loan for those "special loan financing situation".




Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $625,500 with closing costs of $12,510. Jumbo Loans (whose maximum loan amount exceed $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $2,000,000 with closing costs of $40,000. Your actual APR may be different depending upon these factors.