Finance
What is 'down payment assistance' (DPA) available to Hawaii first-time buyers?
AA. Hawaii has no down payment assistance programs
BB. Several programs exist: Hawaii Housing Finance and Development Corporation (HHFDC) programs, county programs, and federal programs like USDA Rural Development, providing grants or low-interest loans to help with down payments✓ Correct
CC. Down payment assistance is only available through military lenders in Hawaii
DD. Only the state of Hawaii provides DPA; no federal programs are available
Explanation
Multiple Hawaii DPA programs help first-time and low-to-moderate income buyers: HHFDC's Mortgage Credit Certificate program (tax credit), individual county first-time buyer programs, USDA Rural Development loans (100% financing for eligible rural areas), and some employer assistance programs. Given Hawaii's extremely high down payment requirements (20% of $800,000 = $160,000), DPA programs are critically important.
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