Maui is Offering Help to First-Time Homebuyers Through New Program

It was just announced that beginning November 1st, first-time home buyers on Maui can receive assistance with a down payment and/or closing costs through a new program, First-Time Home Buyer's Grant, through the County's Department of Housing and Human Concerns.

Evergreen Home Loans, located at 173 Hoohana St., Suite 104, Kahului, has been contracted to help administer this program.

Grant applications will be available at the Evergreen Home Loans location on November 1st, however, applicants are not required to obtain a first mortgage from Evergreen Home Loans in order to apply for the grant.

A maximum of $15,000 per grant is allowed per applicant. In order to qualify, you must meet the following requirements:

• Must be a Maui resident
• Must be 18 years old, or older
• Must be a U.S. citizen or resident alien
• Must not have more than 50% interest in property suitable for residential development
• Must be a first-time home buyer

Applicants must also not exceed the following household income limits:

• $105,560 for Maui County residents
  
• $90,888 for Hana residents
• $91,938 for Lanai residents
• $70,238 for Molokai residents

In addition, applicants are not required to repay the grant unless the grantee:

• refinances the first mortgage loan
• no longer uses the property as a principal residence
• sells the property

For more information, call Evergreen Home Loans at 808-873-3480