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Homeownership Made Easier

Are rising home prices putting homeownership beyond your reach?

Think again. We now have all-time low mortgage interest rates, special grant monies to assist with down payment, and an array of special loan programs to fit your needs. The time has never been better to think of buying a home!

The place to start is the non-profit Hawaii Home Ownership Center (HHOC) for pre-purchase financial education with over nine hours of home buying information and personalized coaching. There’s no cost to join.

HHOC has been providing financial education for first-time homebuyers since October 2003 and has helped over 925 families purchase their first homes. The majority of purchasers had low to moderate income and probably would not have qualified for conventional financing at their entry point.

Kealoha Caldeira (R) of Point of Sail Realty s a i d , “Purchasing a home is one of the most important decisions you will make in your life. By joining HHOC, you will find staff members and volunteer instructors who are experienced in all aspects of the home buying process. The expertise that is shared in the classroom is invaluable knowledge that you can trust from a proven source. This gives you confidence to make an informed decision to buy. I highly recommend HHOC to my clients for help in achieving their dream of homeownership. Additionally, their Down Payment Assistance Loan (DPAL) program, which is available through affiliate HHOC Mortgage, is one of the best mortgage programs I have found for buyers to easily acquire property within the restrictions of today’s mortgage lending industry. Call HHOC today. You won’t regret your decision!”

Abe Lee, President and Broker in Charge of iProperties, a l s o endorses HHOC. He said, “HHOC’s knowledgeable and personable staff makes it easy for potential home buyers to learn the homebuying process. The information and coaching they provide gives first-time buyers confidence to go ahead with their home buying decision when the time is right for them.”

HHOC is supported by NeighborWorks America, a national nonprofit organization created by Congress in 1978 to provide financial assistance, research, and training for community-based revitalization efforts. Neighborworks is currently in more than 4,400 communities and spurring economic development in all 50 states.

In 2010, to assist buyers in overcoming down payment obstacles to buying a home, Hawaii HomeOwnership Center organized HHOC Mortgage (HHOCM), a nonprofit mortgage lender. Loan officer Vaun Owen said, “We are a fully licensed mortgage company under the State of Hawaii and certified by the U.S. Department of Treasury as a Community Development Financial Institution (loan fund), which enables us to apply for Federal loan capital for use in assisting our home buyers.

“Mortgage financing is made easier with HHOCM’s DPAL-3 program which offers a 30-year term and fixed interest rate matching the first mortgage’s rate. A first mortgage finances 80% of the purchase price while the DPAL-3 finances 17% of the purchase or a combined loan to value of 97%, thus allowing the borrower to come in with only 3% for the down payment. There are certain restrictions, so call me for details.”

Owen also added, “Keep in mind that our historically low interest rates won’t last forever…so now is the best time to start the process. Call me at 523-9505 and ask for a ‘no obligation’ consultation. We’re in the Hawaii USA Building at 1259 Aala Street, Suite 201.”

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