What is the Hula Mae Program?
Hula Mae is an innovative mortgage loan program created by the Hawaii State Legislature in 1979 for families of low and moderate income. Through the sale of tax-exempt revenue bonds, the Hula Mae Program provides eligible home buyers with mortgage loans at interest rates below those available on conventional loans. How does Hula Mae work? The Housing and Community Development Corporation of Hawaii (HCDCH) has the responsibility for the Program. HCDCH works closely with private lending institutions that have made a commitment to participate in the Hula Mae Program. The participating lending institutions accept and review your application to determine your eligibility under the guidelines of the Program. Once your eligibility is verified, the lender processes the loan application and, upon closing, delivers the loan to HCDCH. What are the standard terms on a Hula Mae Loan? Under the current 2005 Program, the interest rate for a Mortgage Loan is 4.45% simple interest (4.54% APR). The APR
