By Samantha Brooks
HNN Spring Intern
The city is accepting applications for federal interest-free down payment loans.
Low- and moderate-income families can receive a loan of up to $40,000 as a down payment.
The city is looking to disperse $410,000 in Federal HOME funds.
There's no cost to apply, and city officials are encouraging families to take advantage of the opportunity.
"This federal funding can help Oahu families purchase a home and save thousands of dollars in interest payments," Mayor Kirk Caldwell said, in a news release. "I urge qualified households to take advantage of this gateway to homeownership and financial security."
Interested families must first apply for a loan through a mortgage lender after being approved for a first mortgage.
To qualify, applicants must provide 5 percent of the purchase price as a down payment and complete a home inspection.
They also must take an approved homeownership course.
For more information, please call the city Department of Community Services Loan Branch at (808) 768-7076.