Maui County is accepting applications for a program to assist lower income first-time home buyers with a down payment, closing cost or both.
The county’s Department of Housing an Human Concerns announced today that will provide down payment and closing cost assistance that will be determined on a case-by-case basis. The assistance can equal up to 5% of the home’s purchase price, but not exceed $30,000.
Applicants of the program, which is mean to assist low- to above-moderate income households, will be selected via a lottery drawing.
“This program can help Maui County’s working families attain their dream of homeownership,” Mayor Michael Victorino said in a statement. “Those who qualify for the program should apply right away.”
The lottery drawing is scheduled for Sept. 17 at 9 a.m., but a credit pre-approval letter from a mortgage lender authorized to do business in Hawaii must be turned in with a completed application by Aug. 27 at 4:30 p.m.
Applications can be found at mauicounty.gov/fthbapp. Alternatively, prospective applicants can call (808) 270-7351 for more assistance or visiting the Housing Division Office in Wailuku.
Applicants must be U.S. citizens and Maui County residents who agree to occupy the properties they are buying as principal residences. They can have a household income of 140% of less of the county’s median annual income, which is currently $134,260, for the taxable year preceding the application and for the duration of the application process.
Applicants cannot have a 50% or greater interest in fee simple or leasehold land suitable for dwelling purposes for at least three calendar years prior to the date their applications are submitted, or assets amounting to more than $75,000. Retirement accounts and pension funds will not be used to calculate assets.
For more information, Maelisa Calilao of the Housing Division Administration office can be reached at (808) 270-7356. Those want to register to attend the lottery can contact Jessica Crouse at Jessica.Crouse@co.maui.hi.us or (808) 270-1741.