Hawaii Affordable Resale Program Guide

Guide to the Hawaii Affordable Resale Program

The Hawaii Affordable Resale Program is designed to help first-time homebuyers and qualifying individuals purchase homes in Hawaii at affordable prices. The program offers homes that are resold at below-market rates, making homeownership more attainable for residents of Hawaii. For 2025, the program continues to offer these opportunities with updated eligibility criteria, financial assistance options, and an easy-to-follow application process. Below is an overview of the program, including key benefits and how to apply.

1. Program Overview:

• Purpose: The Hawaii Affordable Resale Program is focused on providing affordable homeownership opportunities to qualified buyers. Homes under this program are resold at below-market prices to ensure that homeownership remains accessible for residents of Hawaii.
• Eligibility Criteria: The program is available to first-time homebuyers and low- to moderate-income households. To qualify, buyers must meet specific income requirements and demonstrate a need for affordable housing. The homes are specifically designated for resale to ensure they remain within reach of those who need them most.
• Home Prices: Homes available through the program are priced below the market value, allowing buyers to purchase homes at a reduced cost. These homes are resold at prices that are set to ensure they remain affordable for those with limited financial resources.

2. Eligibility Requirements for 2025:

To participate in the Hawaii Affordable Resale Program, applicants must meet the following criteria:

• First-Time Homebuyer: The program is primarily intended for first-time homebuyers, meaning applicants who have not owned a home in the past three years. Exceptions may apply for certain individuals, such as qualifying military veterans or others in specific circumstances.
• Income Limits: The applicant’s household income must fall within the program’s set income limits, which are based on the area median income (AMI). These limits are adjusted annually to reflect local economic conditions.
• Credit Score: A minimum credit score of 640 is typically required. Lenders may offer some flexibility depending on other factors, such as the applicant's debt-to-income ratio or financial history.
• Residency Requirement: The home purchased through the program must be the buyer’s primary residence. The home must also be located in Hawaii and meet the program’s designated price limits to ensure affordability for eligible buyers.
• Property Condition: Homes sold through the Affordable Resale Program must meet certain condition requirements. These homes are inspected to ensure they are safe, habitable, and comply with local housing standards.

3. How to Apply:

The application process for the Hawaii Affordable Resale Program is straightforward. Here are the steps to follow:

• Assigned Loan Officer: Once you express interest in the program, you will be assigned to a dedicated loan officer. The loan officer will help you understand the program, verify your eligibility, and assist with gathering necessary documents.
• Required Documentation: Be prepared to provide documentation such as proof of income, credit history, tax returns, and other relevant financial information. You may also need to submit a certificate showing completion of a homebuyer education course.
• Submit Your Application: After collecting the required documents, submit your application to your loan officer. They will process your application and inform you of the next steps once your eligibility has been confirmed.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants are required to complete an approved homebuyer education course. This course ensures that buyers are well-prepared for the responsibilities of homeownership, including understanding the financial aspects of purchasing a home.
• Course Availability: The course is available both online and in-person. Upon completion, you will receive a certificate, which is required as part of your application to qualify for the program.

5. How the Resale Process Works:

• Available Homes: Homes available through the Hawaii Affordable Resale Program are selected based on certain criteria, including price limits and property conditions. These homes are offered to eligible buyers at below-market prices.
• Resale Price: The resale price of homes is determined by the program’s guidelines and takes into account the home’s current market value and affordability. This allows buyers to access homeownership at prices they can afford.
• Closing the Deal: Once you have been approved for the program and selected a home, you will move forward with finalizing the sale. This includes signing the necessary documents and paying any applicable closing costs that are not covered by the program.

6. Finalizing the Loan:

• Approval Process: After your application has been reviewed and approved, your loan officer will help you with the next steps, including reviewing loan terms and signing the necessary documents.
• Closing Costs: While the program covers down payment assistance, you may still be responsible for some closing costs. Your loan officer will provide a full breakdown of all costs and explain which fees are covered by the program and which may need to be paid separately.

Our dedicated loan officers are here to make the home buying process as smooth as possible. They will guide you through each step, helping you navigate the Affordable Resale Program and ensuring that you understand your options. With their assistance, you can take full advantage of the opportunity to purchase a home through the Hawaii Affordable Resale Program and move one step closer to homeownership.