Mortgage Booster Program

Mortgage Booster Program is a repayable second loan for homebuyers in Statewide, Hawaii. The Mortgage Booster (MB) is a pilot supplemental second-mortgage program from HHOC Mortgage funded in partnership with the Hau'oli Mau Loa Foundation. It is intended as a 'boost' to the amount a borrower can qualify for in today's higher-rate environment. Maximum loan amount $50,000 at a fixed 3% interest rate amortized over 30 years. Paired with a HHOC Mortgage first mortgage (3% minimum down). Open to households up to 120% AMI. Pilot rate-buydown / supplemental second mortgage that 'boosts' the amount a borrower can qualify for in the higher-rate environment. Fixed 3% interest rate (well below market), maximum loan amount $50,000, amortized over 30 years. Paired with a HHOC Mortgage first mortgage (3% minimum down). Designed for households up to 120% AMI. Funded by Hau'oli Mau Loa Foundation partnership. Funding comes from Nonprofit, Foundation, and Private (Hau'oli Mau Loa Foundation partnership).

Mortgage Booster Program offers up to $50,000 in assistance. Homebuyer contribution: Minimum 3% down payment from borrower. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Mortgage Booster Program is a repayable second loan and is repaid under the terms set by the administering agency. Repayment is triggered by Monthly amortizing payments over 30 years and due at sale, payoff, refinance, or non-occupancy. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Mortgage Booster Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Per first-mortgage product overlays (HHOC Mortgage typically requires mid-FICO of at least 640-700). A homebuyer education course is required, through Hawaii HomeOwnership Center (HHOC) - approximately 9 hours of homebuyer education (live or online) plus one coaching session required. Residency requirement: Property must be located in the State of Hawaii and used as borrower's primary residence; yearly occupancy affidavit required. Citizenship or immigration status: U.S. citizen or U.S. permanent resident (per first-mortgage product overlays). First-time homebuyer (no ownership of primary residence in past 3 years). Must complete HHOC homebuyer education (~9 hours) and a coaching session with the Hawaii HomeOwnership Center. HHOC Mortgage must originate a 3%-minimum-down first mortgage. Property must be primary residence; yearly occupancy affidavit required. Pilot program - funds may be limited; HHOC Mortgage Loan Officer must reserve funds before purchase contract.

Mortgage Booster Program limits household income to 120% of the area median income, which varies by county and household size. Household income up to 120% of HUD Area Median Income (AMI) for the county where the property is located. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Mortgage Booster Program caps the purchase price as follows: No published purchase price cap; subject to first-mortgage product limits. Eligible property types include Single-family detached, condominium, townhouse - principal residence only. New construction is eligible. Manufactured homes are not eligible.

Mortgage Booster Program serves homebuyers purchasing in Statewide, Hawaii.

Applications for Mortgage Booster Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Funds reserved by HHOC Mortgage Loan Officer once borrower enters into a purchase contract. Pilot program with limited funds; borrowers should communicate with HHOC Mortgage Loan Officer before submitting an offer. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.