Hawaiian Home Lands are specially designated properties throughout Hawaii, which are available for Native Hawaiian home buyers. Since Hawaii became a state, the Department of Hawaiian Home Lands, or DHHL, has been working to provide homes to Native Hawaiians through various partnerships with contractors and financial institutions to help build and finance homes on these home lands across the state.
Lenders are able to offer loan programs specifically designed for purchasing homes on Home Lands with programs through the Federal Housing Administration and the U.S. Department of Housing and Urban Development, which can make getting into a Home Land property more affordable.
There are two programs that can help Native Hawaiians finance homes that are leased on Hawaiian Home Lands, and can help Native Hawaiian families get a new home with as little as 2.5% down. Additionally, there are down-payment matching grants for Native Hawaiians to apply for which can help with the down-payment and closing costs associated with the purchase of a new home. The Hawaii Individual Development Account, or HIDA, can help qualifying families receive up to $5,000 on a matched savings account of $2,500.
In this week's SmartMoney Monday, and for our final October segment, Executive Vice President and Manager James Moniz from Bank of Hawaii talks about Hawaiian Home Lands property and support for Native Hawaiian home buyers.
For more information and to discuss purchasing a home on Hawaiian Home Lands go to the DHHL website at http://dhhl.hawaii.gov or by calling them at (808) 620-9590.
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