DPAL program offers a second mortgage specifically designed for first-time buyers. It requires a minimal down payment of 3% for individuals with incomes up to 120% of the area median income (AMI).
You need to make a down payment of at least 3%.
You will be charged a mortgage interest rate of 4.5% or the rate of the first mortgage, whichever is lower, and you are not required to have mortgage insurance.
Excludes pre-payment fees
The loan limit is $125,000
You must secure the initial mortgage through HHOC Mortgage.
You must enroll in first-time homebuyer education classes and attend a coaching session through the Hawaii HomeOwnership Center.