![]() ![]() Minimum credit score, household income limits and purchase price limits apply, and there is also a $25 application fee and $400 processing charge. The maximum tax credit is 20 percent of the annual mortgage interest, and applies for the life of the loan. ![]() The MCC is available to low- to moderate-income homebuyers who work with an HHFDC-certified mortgage lender to receive the certificate. The Hawaii Mortgage Credit Certificate (MCC) converts a portion of the mortgage interest paid by the borrower into a non-refundable federal tax credit. Income and property value limits also apply, and there is a homebuyer education requirement. The home must be the borrower’s primary residence for at least 10 years, and the buyer must contribute 5 percent of the purchase price to the down payment. Hawaii mortgage rates today are 36 basis points. Honolulu Down Payment LoanĪvailable to homebuyers on Oahu, the Honolulu program provides a zero-fee, zero-interest, 20-year loan of up to $40,000 to help with the down payment. The current average 30-year fixed mortgage rate in Hawaii increased 10 basis points from 6.68 to 6.78. Borrowers also have the opportunity to gain additional discounts if they complete first-time homebuyer education courses. Qualification is subject to income limits (which can be flexible) and minimum cash reserves of two months’ worth of mortgage payments (including insurance and taxes). Comparing the median price year over year, single-family homes have gone up 10.98, and condos have gone up 16.54 from the same period in 2021. With a First-Time Homebuyer Mortgage through HawaiiUSA Federal Credit Union, first-time buyers who are members of the credit union can put as little as 3 percent down (with mortgage insurance), with the possibility of waived loan origination fees, as well. The median sales price of single-family homes across the 4 main islands tops at 977,625, and for Condos the Year-to-Date Median price is 640,125, according to the Hawaii Association of REALTORs. It is a second mortgage with no monthly payment and no interest, and is available only to qualifying applicants who use HHOC for their first mortgage and are using the home as their primary residence. The Down Payment and Closing Cost Assistance (DPACC) program for first-time homebuyers, also offered by HHOC Mortgage, is a 15-year deferred loan of up to $10,000 that borrowers can use to pay for closing costs and the down payment. Down Payment and Closing Cost Assistance Program (DPACC) Mortgage buyer Freddie Mac said today that the average rate on the benchmark 30-year home loan fell to 6.71 from 6.79 last week. There is no mortgage insurance or prepayment penalty, but borrowers must complete counseling and education courses (online or in-person), and not exceed income and purchase price limits, which vary by location. The Down Payment Assistance Loan (DPAL) program, offered by HHOC Mortgage, a nonprofit affiliate of the Hawaii Homeownership Center, helps first-time buyers with special financing through an 80 percent first mortgage and 15 percent second mortgage and a low 5 percent down payment requirement. ![]() These include: Down Payment Assistance Loan Program (DPAL) In Hawaii, qualifying first-time homebuyers have access to a variety of programs to help them afford a home. ![]()
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