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Hawaii Hula Mae Loan Program

Apply for a Hawaii Hula Mae Loan

Looking 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 888-415-1735

--Your Online resource for the Hawaii Hula Mae loan program and Hula Mae funding--

Hawaii's 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 fixed mortgage
  • For single family homes and condos

Under 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.

Due to 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.

So are 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 areas.

One restriction 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.

There 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

New or existing residences are:

  • Honolulu $644,429
  • Hawaii $505,125
  • Maui $644,429
  • Kauai $644,429

There 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

Note: Above limits are effective as of September, 2006, please call us right
away to get more information to get started.

Read More from the Hawaii.Gov Site about Hula Mae Home Loans

 
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