Interest-free down payment loans available for low-, moderate-income families

Qualified low-income and moderate-income families can receive interest-free down payment loans for home purchases through the federal HOME Investment Partnerships Program.

A total of $110,000 of HOME funds are still available for applications submitted by June 30.

“The interest-free down payment loan program is one of many federal programs that benefit the people of the City and County of Honolulu,” said Honolulu Mayor Kirk Caldwell. “These loans can be the difference between renting and homeownership for families across Oahu.”

The Department of Community Services (DCS) is accepting applications for loans of up to $40,000, which will be awarded on a first-come, first-served basis to qualified households.

To qualify, applicants must provide five-percent of the purchase price as down payment and complete an approved homeownership course. A home inspection is also required.

There is no cost to apply. Interested families are required to apply for a loan through a mortgage lender after being approved for a first mortgage.

Beginning July 1, an additional $360,000 in HOME funds will become available.

For more information, please call the DCS Loan Branch at 768-7076.

Click here for more information on the federal HOME program.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s