Hawaii HB2270 amends the Downpayment Loan Assistance Program to adjust loan terms and eligibility criteria.

Hawaii HB2270 modifies the Downpayment Loan Assistance Program by changing the maximum loan amount to fifteen percent of the property's purchase price or appraised value, whichever is less, or $60,000. The interest rate on these loans is set between one and eight percent, based on the borrower's income. The bill also removes the requirement for the loan amount and purchase money mortgage amount to not exceed one hundred percent of the combined loan-to-value.

Hawaii HB2270 amends the Downpayment Loan Assistance Program to adjust loan terms and eligibility criteria.

Hawaii HB2270 modifies the Downpayment Loan Assistance Program by changing the maximum loan amount to fifteen percent of the property's purchase price or appraised value, whichever is less, or $60,000. The interest rate on these loans is set between one and eight percent, based on the borrower's income. The bill also removes the requirement for the loan amount and purchase money mortgage amount to not exceed one hundred percent of the combined loan-to-value.