First-Time Homebuyer Programs

First Time Homebuyers Downpayment Loan Program

Lokahi Pacific is dedicated to addressing the needs of affordable housing throughout the County of Maui. As such, interested Maui County residents are invited to submit an application for its First Time Homebuyer Programs. Lokahi Pacific is offering the following programs:

1. AFFORDABLE HOUSING PROGRAM: To address the need of affordable housing in the County of Maui, Lokahi Pacific may offer homebuyer opportunities to applicants who meet the established eligibility criteria in purchasing a Lokahi home. For more information or for project specific details, please contact the Residential Loan Department at 442-3028.

First Time Homebuyers Downpayment Loan Program
Basic Terms

2. DOWNPAYMENT LOAN PROGRAM: Funds made available under this Program will be applied specifically toward the down payment and/or closing costs needs for the purchase of a home. The Program loan is to be processed simultaneously with a First Mortgage and Down payment Funds will be recorded or filed as a second mortgage on the property purchased with the loan.

Basic Terms

Selection of all applicants shall be made subject to the applicant meeting all of Lokahi Pacific's eligibility criteria as set forth below.

Eligibility Criteria
To be eligible, applicants must meet all of the following eligibility criteria:
  1. Be a citizen of the United States or a permanent resident alien who is a permanent resident of the County of Maui.
  2. Be 18 years of age or older.
  3. It is Lokahi Pacific's primary objective to provide home ownership opportunities to low income families who are unable to qualify for the purchase of a market-priced home since recent studies indicate that households earning 80% or less of the annual median income for Maui County experience the most difficulties in accessing homeownership. The following income limits denote the 80% of annual median income for households of two persons or more:
    Family SizeMaximum Gross
    Income Limits*
    Family SizeMaximum Gross
    Income Limits*
    1 person$42,9505 persons$66,250
    2 persons$49,1006 persons$71,150
    3 persons$55,2007 persons$76,050
    4 persons$61,3508 persons or more$81,000

    *Subject to adjustment semi-annually on first day of January and July of each calendar year.
  4. There is no restriction on the maximum amount of liquid assets that an applicant may have. However, borrower shall expend their own funds from liquid assets, including savings, investments, and other resources that the borrower owns in conjunction with the purchase of the dwelling unit, provided however that not more than fifteen thousand dollars ($15,000) may be retained by the borrower. The value of retirement accounts or pension funds shall not be considered liquid assets.
  5. Does not now or for a period of three years prior to the submittal of application, have a majority interest (51% or more) in real property in fee simple or leasehold in the United States where such property is deemed suitable for dwelling purposes by Lokahi Pacific.
  6. Is accepted by a financial institution as a person to whom it is willing to lend money for the purchase of a residential property provided the required down payment is made. Application must be accompanied by a pre-approved letter from an approved Lender.
  7. Has not been granted a previous loan under the Program.
  8. Is able to secure financing for the purchase of a home within established time limits.
  9. Mandatory attendance at Homebuyer Education Classes.
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