HHOC Mortgage Celebrates 50th Down Payment Assistance Loan & $2,000,000 Loaned To First-Time Homebuyers!
As Hawaii’s only non-profit licensed mortgage lender, HHOC Mortgage (HHOCM) provides first-time buyers with low down payment, non-conventional affordable financing. Dennis Oshiro, Executive Director, said, “Since 2010, we’ve enabled fifty families to buy their first home with only 5% down. With our 51st loan, we passed the $2,000,000 milestone in loans originated for this purpose.”
HHOCM Loan Officer Rachel Willis said, “Historically, Hawaii has ranked 47 of 50 states in rates of homeownership, one of the lowest rates in the nation. Our program can save homebuyers money on their closing costs and monthly payment, thus accelerating mortgage qualifying and increasing our rate of homeownership in Hawaii. In addition to our DPAL program, HHOCM is a full service mortgage broker and lender.”
HHOCM is the lending affiliate of Hawaii HomeOwnership Center (HHOC), which has provided thousands of families with financial education and individualized coaching towards homeowner-ship. HHOC celebrated its 10th anniversary last October, and the occasion was also an opportunity to recognize their 1000th client, a couple who became “successful homeowners” after completing the HHOC program.
HHOC Program Director Reina Miyamoto said, “Approximately 60 percent of our clients, who actually become ‘lifetime members’ of HHOC, fall into the low to moderate income category. We find that many of our clients come to us as a result of a referral by a Realtor, lender or, sometimes, an employer. The biggest obstacle to homeownership in Hawaii with its high real estate prices is the lack of 20% down payment. So the goal is to get them qualified for mortgage financing. The fact is that there are affordable starter homes out there. With the good information and encouragement supplied by our counselors and perseverance and commitment on the part of the client, the goal of homeownership can be achieved.”
HHOC is a partner agency of the Aloha United Way, a HUD-approved counseling agency, and a charter affiliate of NeighborWorks America.
In 2008, HHOC moved into its present offices at 1259 Aala Street, #201. The office is open Monday through Friday from 8 a.m. to 5 p.m.
Additional DPAL information can be obtained by calling Rachel Willis at 369-8295 or visit www.hhocmortgage.org.