The Home Buyer Loan Program provides low-cost loans to first-time homebuyers on the island of Kaua‘i who meet the Kaua‘i Median Household Income (KMHI) as published by HUD.
· You are a Citizen of the United States or Resident Alien
· You are 18 years or older
· You are a first-time homebuyer (you, your spouse or your partner cannot own majority interest in a principal residence or real estate for a period of 3 years prior to the closing of a homebuyer loan)
· You must occupy the property purchasing as your primary residence
· Must complete Homebuyer Education Counseling Classes
· Preference is given to residents of the island of Kaua‘i
Candidates for the Home-Buyer Loans must complete home ownership classes offered by a HUD Approved Housing Counseling Agency. Upon completion of the class, applicants are required to submit a copy of their Certificate of Completion and register with the Kaua‘i County Housing Agency to be added to the Affordable Housing Waitlist.
See types of Home-Buyer Loans for a description of the Loan Programs available from the County.
Other important requirements under the Home-Buyer Loan Program:
· the house must be vacant or owner occupied when a sales contract is accepted
· homes in a 100-year flood area are ineligible
· Fee simple properties will be subject to the County’s Restriction on Sale, Transfer, Debt and Use
· Kaua‘i County Leasehold sales will be subject to the 90-year Ground Lease terms
· the borrower must reside in the property as their primary residence for the term of the loan, or restriction
· additional mortgage loans will only be allowed for home improvements or to pay catastrophic medical expenses.
Home-Buyer Loan Program Flyer