SB3089 amends the Downpayment Loan Assistance Program in Hawaii, modifying loan terms and eligibility criteria.

SB3089 amends Hawaii's Downpayment Loan Assistance Program by adjusting the maximum loan amount to 15% of the property's purchase price or appraised value, whichever is less, or $60,000. The bill also allows the borrower to repay the loan at any time without penalty and permits the corporation to forgive accrued interest under certain conditions. Additionally, it modifies eligibility criteria, requiring borrowers to complete a homeownership counseling program and sets interest rates between 1% and 8% based on income.

SB3089 amends the Downpayment Loan Assistance Program in Hawaii, modifying loan terms and eligibility criteria.

SB3089 amends Hawaii's Downpayment Loan Assistance Program by adjusting the maximum loan amount to 15% of the property's purchase price or appraised value, whichever is less, or $60,000. The bill also allows the borrower to repay the loan at any time without penalty and permits the corporation to forgive accrued interest under certain conditions. Additionally, it modifies eligibility criteria, requiring borrowers to complete a homeownership counseling program and sets interest rates between 1% and 8% based on income.