The document describes the Hula Mae first-time homebuyer program offered through Honolulu Homeloans. The program offers eligible buyers mortgages with rates as low as 3.9% APR and up to 3% down payment assistance. Buyers must meet income limits and purchase price caps, occupy the home for the life of the loan, and have a minimum credit score. Interested buyers should contact a Honolulu Homeloans loan officer to determine their eligibility for the program.

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Introducing
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YOUR NEW HOME WITH HULA MAE
The Hula Mae Program offers eligible First-Time Homebuyers a 30-year Mortgage Loan at
very competitive interest rates. Hula Mae also offers a Down Payment assistance feature, up to
3% of the contract sales price.
As a participating Lender, Honolulu HomeLoans (HHL) will review your application to determine
your eligibility under the guidelines of the Program. Once your eligibility is verified, HHL will
process your loan application and, upon closing, will deliver your loan to the Hawaii Housing
Finance and Development Corporation (HHFDC).
1 Rates as low as 3.9%, 4.521% Annual Percentage Rate (APR) “State of Hawaii Hula Mae Program”
2 Minimum Down Payment:
I 3% of Purchase Price
3 Buyer may request lender to provide up to 3% as a Down Payment Assistance (DPA)
I Minimum 3% contribution from the buyers is required to be applied to the
down payment and/or closing costs
4 Mortgage Insurance required for less than 20% Down Payment (excluding closing costs)
5 Closing costs include points, appraisal, escrow, title insurance and recording fees,
prepaid interest and reserves among others
6 Subject to Hula Mae restrictions which include but are not limited to:
I Maximum Income Limitations
I Maximum Purchase Price and Loan Amount Limitations
I May be subject to Recapture Tax
I Must Occupy Property for the Life of the Loan
I Minimum Credit Score
For more information on eligibility, income limits and purchase price limits,
please contact a HHL Loan Officer today.
745 Fort Street, Suite 1001, Honolulu, Hawaii 96813 • Phone (808) 681-7500 • NMLS #314918
www.HonHL.com
For information purposes only. This is not a commitment on the part of Honolulu HomeLoans to provide you with a loan. Additional closing costs may apply. Alternative loan options may be available.