Interest-free home down payment loans now available

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Interest-free home down payment loans now available
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Interest-free home down payment loans now available

Honolulu -- Department of Community Services Director Pamela Witty-Oakland is reminding the public that qualified low-income and moderate-income families may be eligible to receive interest-free down payment loans for their first-time home purchases.

The Department of Community Services (DCS) has approximately $400,000 available annually in Federal HOME funds for the loan program, and is accepting applications from applicants' mortgage lenders for loans up to $40,000. Loans will be awarded on a first-come, first-served basis to qualified households. Additional funds will be available in the budget for the new fiscal year, which begins July 1.

"Home ownership is one of the ways families accumulate wealth, and this federal funding can help save thousands of dollars in interest payments over the life of a mortgage," said Witty-Oakland. "I urge qualified first-time homebuyers to take advantage of this proven gateway to financial security."

Interested families are required to apply for a city loan through a mortgage lender after being approved for a first mortgage. There is no cost to apply. To qualify, applicants must provide five-percent of the purchase price as a down payment and complete an approved homeownership course. A home inspection is also required.

As of July 1, 2018, the Department of Community Services has made 21 down payment loans.

For more information, please call the Department of Community Services Loan Branch at 768-7076.

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