Are you considering a home purchase, but you’ve never bought one before? It’s a big change, and there’s so much to consider, but for most new home buyers, the first concerns are financial. It can be challenging, trying to figure out what the best possible home for your money is, but there is plenty of help to be found. As Maui real estate specialists, we can answer your questions and help you find the home that is right for your situation. In the meantime, hopefully the information in this blog will help. As a first-time home buyer, you can apply for a grant.
If you’ve never before bought a home and you live within Maui County, you can apply for a grant of as much as $15,000, as long as you do so before August third. The money’s purpose is to help with your down payment, or closing costs.
One of the stipulations is that you have low or moderate income. You also have to be pre-approved by a mortgage lender, and a letter of proof has to be submitted with your application.
If you are selected to receive the grant, you will then need to submit a more formal application that will include signed tax returns for the last three years. A limited number of individuals will be awarded these grants, and will be chosen via a lottery system for purposes of impartiality.
Another stipulation is that you will need to use the property as your principal residence for the next fifteen years, or the grant will have to be repaid. This ensures that only individuals who are serious about becoming long-term residents receive the benefit. The grant will also have to be repaid if you refinance the mortgage loan and take cash out.
You can get applications from the Housing Division Administration office, which is located at 35 Lunalilo St. in Wailuku. You can also reach them by phone at (808) 270-7351. If you’d like more detailed information, call Buddy Almeida at (808) 270-5746. Good luck, and we hope you find the Maui property of your dreams!