HONOLULU–The University of Hawaii Federal Credit Union and HHOC Mortgage (HHOCM), a non-profit mortgage lender and Hawaii’s only non-profit mortgage broker, said they have renewed an agreement to continue providing Down Payment Assistance Loans (DPAL) for home purchases.
Since 2010, the two organizations reported they have collaborated to assist 43 low- and moderate-income, first-time homebuyers with these special loans.
In order to help borrowers qualify for financing, DPALs help families avoid paying thousands of dollars in private mortgage insurance, which is required of borrowers with less than 20% down payment by traditional lenders.
“Both UHFCU and the HHOCM share a common vision of providing affordable mortgage financing to the community,” said Bryan Anderson, vice president, member services with the $616-million credit union. “UHFCU is proud to continue our partnership with such a worthwhile, community-focused organization.”
HHOC Mortgage was formed in 2009 to assist homebuyers with access to affordable financing and is affiliated with the Hawaii HomeOwnership Center (HHOC) a HUD-approved homebuyer educator. HHOC has since assisted 2,000 families since its inception in 2003.
“The fact that there’s zero delinquency today and under $7,500 in losses over eight years is a testament to the quality of homebuyer education, coaching and our loan program,” said Dennis Oshiro, executive director for both HHOCM and HHOC. “We hope to continue this partnership for many more years.”