Zero-percent down payment loans available to low-income and moderate-income families for home purchase

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NEWS RELEASE

DEPARTMENT OF COMMUNITY SERVICES

CITY & COUNTY OF HONOLULU

FOR IMMEDIATE RELEASE

Tuesday, July 7, 2015

Mayor Caldwell’s Press Office: 768-5768

Zero-percent down payment loans available to low-income and moderate-income families for home purchase

Honolulu – Mayor Kirk Caldwell announced today that qualified low-income and moderate-income families can receive interest-free loans for the down payment on home purchases.  The city is now accepting applications for loans of up to $40,000, which will be awarded on a first-come, first-served basis to qualified households.  The loans are provided through $250,000 in Federal HOME funds administered by the Department of Community Services (DCS).

“These loans can be the difference between renting and ownership for families across O‘ahu,” said Mayor Caldwell.  “With today’s mortgage rates at historic lows, a zero-interest down payment loan through the city can be help families make their dream of homeownership a reality.”

Interested families must apply through a mortgage lender after being approved for a first mortgage.  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.  For more information, please call the DCS Loan Branch at 768-7076.

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