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Down Payment And Closing Cost Assistance For Residents Of Maui County

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Maui County is set to help low- to above-moderate income first-time homebuyers with an assistance program.

The county’s Department of Housing announced to assist with down payment and closing costs.

This assistance will depend on the individual cases and can equal up to 5% of the home’s purchase price, while not exceeding $30,000.

Applicants of the program will be selected by a lottery draw. Mayor Michael Victorino in a statement asked qualifying people to apply for the program immediately.

Though the lottery drawing is scheduled for Sept. 17, 9 am, the borrower must submit a credit pre-approval letter from a mortgage lender who is authorized to do business in Hawaii along with a completed application by Aug. 27 at 4:30 p.m.

The qualifying terms being — applicants must be U.S. citizens and a resident of Maui County they must occupy the property they are buying as their principal residence.

The household income can be 140% of the county’s median annual income, that is $134,260, for the taxable year preceding the application and for the duration of the application process.

Minimum for three calendar years prior to the date their applications are submitted the applicants cannot have a 50% or greater interest in fee simple or leasehold land suitable for dwelling purposes or have assets totaling more than $75,000.

While calculating assets the retirement accounts and pension funds will not be counted.

Applications can be found at the website mauicounty.gov/fthbapp. Or applicants can call (808) 270–7351 for any assistance or visit the Housing Division Office in Wailuku.Reference Source: Star Advertiser

Reference Source: Star Advertiser

https://www.compareclosing.com/mortgagenews/down-payment-and-closing-cost-assistance-for-residents-of-maui-county/

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