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Saturday, June 22, 2013

Governor Signs Bill Helping Low to Mid-Income Families Qualify for Mortgage Loans

Governor Neil Abercrombie has signed a Senate Bill 1025 into law, allowing more low to mid-income families the opportunity to qualify for mortgage loans.  The bill updates the Hawaii based Hula Mae Single Family Mortgage Loan Program and eases requirements for potential home owners.  Under Hula Mae, buyers may be able to qualify for lower than market value interest rates and receive down payment and closing cost assistance.  Executive Director of the Hawaii Housing Finance and Development Corp., Karen Seddon, stated, "It absolutely makes loans more available to more people in the state.  We're able to give them a hand up by making mortgage loans available to folks that wouldn't otherwise be able to get one."  The HHFD will oversee the Hula Mae program.

Abercrombie added, "This is really something that can change people's lives.This is really a hope bill.  I think it fosters economic prosperity, as well.  It's a commitment to a sense of confidence that you can't feel otherwise unless you're able to make this change."  The law takes effect on July 1, 2013

Source: Honolulu Star Advertiser, 6-22-2013,
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC