Are you looking to purchase an affordable home in Hawaii? Closing costs can be a major obstacle for many first-time homebuyers. Fortunately, there are several assistance programs available to help with these costs. Here is a look at some of the options.
Deferred Closing Cost Loan: This program is a 15-year deferred counterparty loan.
The loan will not accrue interest or require monthly payments, but it will fully expire at the end of the term. This program offers a 15-year deferred loan with no interest or monthly payments. The funds can be used for down payment and closing costs (including reducing the rate).
Hawaii Legal Aid Society: The Hawaii Legal Aid Society provides comprehensive housing counseling services at their office in Honolulu.
They offer advice and assistance on a variety of topics related to purchasing a home, including closing costs. They can also provide information on other assistance programs available in the state.
Mortgage Credit Certificate: The Hawaii Housing Finance and Development Corporation (HHFDC) offers an exclusive mortgage credit certificate for first-time homebuyers. This program provides a tax credit of up to 20% of the mortgage interest paid each year.
This can help reduce the amount of money needed for closing costs. These are just a few of the assistance programs available to help with closing costs on affordable housing in Hawaii. If you are looking to purchase a home in the state, it is important to research all of your options and find the best program for your needs.