Helpful Programs for First-Time Home Buyers on Maui

Helpful Programs for First-Time Home Buyers on Maui

It’s no secret: Buying a home in Maui is a big deal – especially when you’re a first-time homebuyer. We all want a little piece of tropical paradise to call our own, whether we are investors, retirees, newlyweds or residents. Maui is a beautiful place to visit, but it’s an even lovelier place to reside. How many people can actually say they own property in Maui? 

Lots of people try, but the competition deters a lot of first-time homebuyers. Just because there’s competition doesn’t mean you should lose hope, though! Maui County offers a variety of programs to level the playing field and help first-time homebuyers like you build their confidence in the market with more experienced negotiators. 

If you’re looking for a leg up when it comes to buying a home in Maui, check out the programs listed below and reach out to a few for guidance in starting your first home purchase. These programs will prepare you to pursue the home of your dreams in one of the most beautiful places on earth, and you’ll come out both a better negotiator and a homeowner!

Maui County First-Time Home Buyer’s Down Payment Assistance Program

Created for first-time buyers who need help with closing costs and down payments, the Maui County First-Time Home Buyer’s Down Payment Assistance Program (FTHB) selects applicants in low-to-moderate income brackets via a lottery system. Those interested in participating must first get a pre-approval letter from their mortgage lender, fill out an application and turn both documents into the Housing Division Administration office. The lottery is usually held later that same month, and a select number of winning applicants will move forward with the grant qualification process.

To be eligible for financial assistance from the County of Maui, applicants must be residents of the County of Maui at the time the application is submitted, be a US citizen or Resident Alien and be at least 18 years of age. They must also meet all other requirements listed on the FTHB Program brochure. Contact the County of Maui for more information on how to get started on your dream of homeownership!

Hula Mae Program

The Hawaii Housing Finance and Development Corporation (HHFDC) created this loan program in 1979 to assist low-to-moderate income residents in becoming first-time homebuyers. The program offers mortgage loans at a much lower interest rate than you’ll find anywhere else and are only available to people looking to buy their first property – not those who are purchasing a second home or investing. Whether you put your loan funds towards down payments, closing costs or elsewhere, the Hula Mae program is sure to help you secure your first home.

More information on the Hula Mae loan program can be found online via various local banks and mortgage lenders. Note: make sure to check the current status of this program as funding can vary.

Lokahi Pacific Affordable Housing Program

Designed for first-time homebuyers that may not otherwise qualify for homeownership in Maui, the Affordable Housing Program offers loans to help buyers with their down payments and closing costs. This program also requires a pre-qualification letter and an agreement to physically occupy the residential property as their main residence. Lokahi Pacific also encourages participants to make improvements and renovations to their homes, with prior approval, to increase their properties’ value. You can read more, including the terms and conditions, here.

Hawaii HomeOwnership Center Programs

The Hawaii HomeOwnership Center is a non-profit agency that provides classes and coaching for people looking to purchase their first home. Once you become a lifetime member, you’re eligible to participate in their programs, including live and online homeownership classes, personalized coaching, referrals, resources and a host of post-purchase services. You can learn more about the Center’s homeowner preparation process here

It can be daunting to compete in the housing market against experienced investors and those looking to buy second or third homes. That’s why it’s important to access all the help you can get! By having the right resources at your fingertips, you’ll gain an edge on your competition and be more likely to land your first home purchase. If you need help getting started, contact Maui Showcase Properties. We have a long list of resources to share with you and we are always excited to help you turn your homeownership dream into a reality in the beautiful County of Maui!

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