Hawaii First-Time Home Buyer Programs of 2020

NerdWalletJanuary 2, 2020
On a similar note...
On a similar note...
hawaii-first-time-home-buyer-programs

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Many people dream of living in Hawaii — it’s a tropical paradise with a laid-back vibe. But life in paradise can be expensive, especially for first-time home buyers.

National mortgage options, along with programs offered by the Hawaii Housing Finance and Development Corporation, or HHFDC, can make homeownership more accessible to first-time buyers in the Aloha State.

National first-time home buyer loans

These nationally available loans are often a good fit for first-time home buyers because they offer more relaxed credit score and down payment requirements.

Hawaii first-time home buyer programs

The HHFDC doesn’t offer loans or down payment assistance for first-time home buyers, but it does have two programs — Affordable Resale and Mortgage Credit Certificate — designed to make buying a home in Hawaii less expensive.

HHFDC highlights and eligibility requirements

Highlights

  • Below market price on HHFDC-owned properties, awarded by lottery.

  • Co-mortgagor, co-signer and gifts allowed.

  • Tax credits available through select lenders.

Eligibility

  • Must be a “qualified resident.”

  • Must meet income requirements, which vary by household size.

  • Must be pre-qualified for a home loan.

  • Must be a resident of Hawaii and live in the unit purchased.

Your next step

To learn more about any of the programs listed above, contact the HHFDC or visit the website. There, you’ll be able to request an application for the Affordable Resale Program and see lenders who participate in the MCC program.

More from NerdWallet

We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines, and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet’s official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.