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 the US Department of Housing & Urban Development (HUD) for the island of Kaua'i.
Who is Eligible to Borrow:
- 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 a Homebuyer Education program
- Preference is given to residents of the island of Kaua'i
What Types of Programs are Available?
Primary and GAP Mortgages are made available to income qualified homebuyers.
What are the Maximum Loan Amounts and Terms of the Loan?
The maximum loan amount for a Primary loan is $450,000.00. Interest rate is based on the borrower's KMHI, amortized for a period of 30 years, with a 15-year balloon.
The maximum loan amount for a GAP mortgage is $150,000.00. Interest rate is based on the borrower's KMHI, amortized for a period of 30 years, interest-only payments for the first seven (7) years.
What are the 2020 Kaua'i Median Household Income Limits?
Income limits posted is based on the average household size of four (4). The income limits may be revised by KCHA pursuant to the current income limits as published by HUD for the island of Kaua'i, annually.
**CERTAIN RESTRICTIONS APPLY. PLEASE CONTACT KCHA FOR MORE INFORMATION.
What Types of Properties may be Financed with the Home Buyer Loan?
- Property must be located on the island of Kaua'i
- Be outside of the FIRM 100-year flood boundary
- Be a single-family detached dwelling or condominium unit
- Must pass Federal minimum Housing Quality Standards for existing homes and if newly constructed, built to County Building Code
What Types of Fees are Associated with the Home Buyer Loan in Comparison to a Standard Lender?
KCHA STANDARD LENDER
Credit Report Credit Report
Title & Escrow
*Est. $3,500.00 Loan Origination Fee
Tax Service Fee
*Estimates are based on a loan amount of $450,000.00.
Are there any Restrictions on Selling the Home Financed with the Home Buyer Loan?
- Must be owner-occupied
- Fee-Simple sale is subject to the County's 20-year Restriction on Sale, Transfer, Debt and Use and Shared Appreciation (if applicable)
- Leasehold sale is subject to the County of Kaua'i 90-year Ground Lease
Click Here for the 2020 Home Buyer Loan Program Brochure