Three new homeowners closed on mortgages last week, making them the first to purchase homes through the Hale Kamaʻāina Mortgage program.
The initiative, under the Hawaiʻi Housing Finance and Development Corporation, offers first-time homebuyers 30-year, fixed-rate mortgages that are lower than the national average.
Dean Minakami, HHFDC's executive director, said the program had been dormant for 12 years before the corporation started to revamp it in 2024.
"We stood up this program because we saw rising interest rates were making homeownership very difficult for our local residents," Minakami said. "So it is just really gratifying to see this program work as it was intended."
The program, formerly known as the Hula Mae Single Family Mortgage Program, launched in December of last year. It offers rates starting at 4.65%, compared to the average market rate of about 5.9%.
Minakami said the program is here to stay and hopes this will help hundreds of local families become homeowners. HHFDC said it has a roughly $30 million budget for the program.
Ashley Maeshiro, a public school teacher on Oʻahu, received a $223,000 mortgage loan for a one-bedroom condo in Makiki.
"My income wasn't enough with the interest rates on the market, but with this program, it made it more manageable,” Maeshiro said. "Hawaiʻi is where I've chosen to build my life and give back, so being able to put down roots here as a homeowner means everything to me."
Residents can buy new or existing single-family residences, townhomes, planned unit developments, or condos through the program. Information on eligibility can be found here.
