Down Payment Path

Down Payment Assistance Programs in Hawaii

Hawaii offers several down payment assistance programs to help buyers overcome financial barriers to homeownership. These programs are designed to support a diverse range of buyers, making homeownership more achievable for residents across the islands.

Hawaii HomeOwnership Center (HHOC) Assistance

The Hawaii HomeOwnership Center (HHOC) Assistance Program provides financial support to cover down payments and closing costs.

  • Offers up to $15,000 in assistance as a forgivable loan.
  • Repayment is forgiven over a set period if residency requirements are met.
  • Available to buyers who meet income and purchase price limits.

Hawaii Housing Finance and Development Corporation (HHFDC) Down Payment Assistance

The HHFDC Down Payment Assistance Program helps buyers with the upfront costs of purchasing a home.

  • Provides interest-free deferred loans to eligible buyers.
  • Loans are repayable upon sale, refinance, or payoff of the first mortgage.
  • Income and purchase price limits apply, but the program is open to a broad range of buyers.

USDA Rural Development Loans

For buyers in rural areas of Hawaii, the USDA Rural Development Loan offers affordable financing options with no down payment required.

  • Available to low- and moderate-income buyers in USDA-designated areas.
  • Can be paired with other assistance programs to cover closing costs.
  • Offers flexible credit requirements.

Mortgage Credit Certificate (MCC)

The Mortgage Credit Certificate program provides significant tax savings for homebuyers.

  • Allows buyers to claim a federal tax credit for a portion of their mortgage interest paid annually.
  • Can be used alongside other down payment assistance programs.
  • Income and purchase price limits apply, but the program is widely accessible.

County-Specific Programs

Many counties in Hawaii offer additional assistance tailored to local homebuyers.

  • Programs in counties such as Honolulu, Maui, and Hawaii County provide grants or low-interest loans to help with down payments and closing costs.
  • Some programs offer enhanced benefits for residents purchasing homes in targeted areas or for specific professions, such as educators or healthcare workers.
  • Eligibility and assistance levels vary by location.

Hawaii’s down payment assistance programs aim to make homeownership more accessible by reducing the upfront costs associated with buying a home. Whether you are purchasing your first home or upgrading, these resources can help you achieve your goal of owning a home in paradise.