Qualifications for downpayment loans
HRS §201H-162
in effect201H-162. Qualifications for downpayment loans
(a) No person shall be qualified for a downpayment loan unless the person:
(1) Is a citizen of the United States or a resident
alien;
(2) Is at least eighteen years of age;
(3) Is a bona fide resident of the State;
(4) Will physically reside in the residential
property to be purchased for the term of the loan;
(5) Is accepted by a mortgage lender as a person to
whom it is willing to lend money for the purchase of the residential property
provided the required downpayment is made;
(6) Provides a portion of the downpayment which shall
be equal to at least five per cent of the sales price; and
(7) Has successfully completed a homeownership
counseling program provided by a housing counseling agency approved by the
United States Department of Housing and Urban Development.
(b) No person who owns in fee simple or in
leasehold any other residential property within the State shall be eligible to
become a borrower under this section. A person shall be deemed to own a
residential property if the person, the person's spouse, or both (unless
separated and living apart under a decree of a court of competent jurisdiction)
own a majority interest in a residential property.
[L 2006, c 180, pt of §4; am
L 2017, c 123, §5]
Source: Hawaii State Legislature (capitol.hawaii.gov), via Internet Archive capturesURL: http://www.capitol.hawaii.gov/hrscurrent/Vol04_Ch0201-0257/HRS0201H/HRS_0201H-0162.htmFetched: 11/10/2026