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MAYOR CARLISLE ANNOUNCES ZERO-INTEREST DOWN PAYMENT LOANS AVAILABLE
(Thurs., April 19, 2012) —Mayor Peter Carlisle announced today that the City and County of Honolulu will offer zero-interest down payment loans of up to $40,000 to eligible low and moderate income families.
The loans will be made with federal HOME Investment Partnership Act funds available to the City through the U.S. Department of Housing and Urban Development (HUD). A total of $1.5 million will be available for loans.
"I am pleased that we are able to offer this program in partnership with HUD," Mayor Carlisle said. "With today's mortgage rates at historic lows, a zero-interest down payment loan through the City can help families make their dream of homeownership a reality."
Interested applicants must apply through a mortgage lender after they are approved for a first mortgage. The City will begin accepting applications through mortgage lenders on May 1, 2012, and will make loans to qualified applicants on a first-come, first-served basis. 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, call the Loan Branch of the Department of Community Services at 768-7076 or 768-3240, or visit http://www1.honolulu.gov/dcs/housingloans.htm.
Media contact: Alan Tamanaha, DCS Loan Branch Chief, 768-7068.