Hula Mae Loan Program
for a Hawaii Hula Mae Loan
for some information on the Hula Mae Loan? You have come to
the right place. We can get you in touch with a Hawaii Hula Mae
Loan specialist - call
Online resource for the Hawaii Hula Mae loan program and Hula
Hula Mae program could be your ticket to home ownership on this
islands. We are dedicated to helping
local residents make home purchases.
- Call today to
see if you qualify
- Get an interest
rate several points lower than a conventional mortgage loan
- This state program
has helped hundreds of islanders with their 1st home
- Maximum 30 year
- For single family
homes and condos
the Hula Mae Program, the interest rate for a mortgage loan is
4.5%. This rate will change and we are waiting for an update from
the state. The maximum term of the loan is 30 years. Two (2.00%)
percentage points are charged on the Hula Mae Loan at the time
of closing. The buyer and seller each pay one 1.00% (also called
a point) of the loan ammount. With this loan, you can purchase
a new or existing single family home or condo. This is a Hawaii
loan program, so the homes must be located in the state of Hawaii.
the high cost of homes in Hawaii, the Hula Mae home loan was created
by the Hawaii State Legislature in 1979 for families with moderate
and low incomes to assist in the purchase or refinance of a home
here in the islands. Financing is made possible with the sale
of tax-exempt revenue bonds. The Hula Mae Bond Program is able
to provide Hawaii home buyers with low mortgage interest rates.
The rate is very attractive and below conventional loans (know
as NON VA or FHA financing). The Housing and Community Development
Corporation of Hawaii (HCDCH) has the responsibility for the program.
you eligibile for a Hula Mae Loan? First and formost, since this
is a state funding program, you must be a resident of Hawaii.
You also need to be a citizen of the United States or a declaring
alien (i.e. your are paying state and federal taxes). You also
need to be at least 18 years or older. You, the borrower, cannot
have been granted a loan previously under the Hula Mae Program.
You also cannot have (or your spouse have) owned or have any interest
in a principal residence or a beneficial interest in a Land Trust
involving a principal residence, within or without the State of
Hawaii for a period of three years prior to applying for a Hula
Mae Loan. This requirement does not apply to loans made in targeted
is that the buyer must be an owner-occupant of the home throughout
the term of the loan. Hula Mae does this to protect people from
taking advantage of what the program was designed to do. It is
enforced and violation could lead to the borrower losing the loan.
Hula Mae loans must be secured by the property to be purchased,
there is just no way around this one.
are maximum purchase amounts for Hula Mae. You can't buy a mansion,
but you can get a beautiful home for your family. The following
maximum amounts for
or existing residences are:
- Honolulu $644,429
- Hawaii $505,125
- Maui $644,429
- Kauai $644,429
are also income based limitations. The borrower cannot have an
income that exceeds the following limits:
County Families of less than 3 and Families of 3 or more
- Honolulu $85,560-$99,820
- Maui $83,040-$96,880
- Kauai $77,520-$90,440
- Hawaii $71,880-$83,860
Above limits are effective as of September, 2006, please call
away to get more information to get started.
from the Hawaii.Gov Site about Hula
Mae Home Loans