Buying a home for the first time in Maui is no simple process, there are complicated documents to assemble, credit approvals to apply for and after all of that you may find yourself without the necessary funds to complete the transaction and actually purchase your first home. The lack of affordable long term housing and the sharp incline in home prices has kept a large number of Maui residents from purchasing their first home. For this reason the County of Maui has introduced the First Time Home Buyers Down Payment Assistance Program. Let’s explore some of the details of this program and how you may be able to benefit below.
About the Program and Where to Apply
The First Time Home Buyers program was designed specifically for low to moderate income Maui residents to help them with the down payment and associated closing costs on their first home. Since the demand for this type of assistance is high, the County’s Housing Division will select applicants through a lottery style drawing. To fill out your application follow this link to the County’s website: Application
To be considered for the program you will need to have your application submitted along with a credit pre-approval letter no later than 4:30pm on August 30th. The actual lottery drawing will happen the following week on September 7th at 9am at the Cameron Center Auditorium in Wailuku. 66 applicants will be selected from the lottery and asked to continue through the qualification process. It’s important to note that if you are not selected in the first round you will be placed in a backup position according to the order in which your name was placed in the lottery drawing. If any of the 66 applicants selected are unable to meet the requirements of the grant you will be called and invited to go through the qualification process. For full details on the program, visit the County of Maui’s Home Division page here.
The Smith team is here to help you with questions and to find the perfect property for you and your family. Dealing with the County as well as all of the other institutions involved in a real estate transaction can be intimidating, which is why it is paramount you are working with a real estate team that is putting your needs first and helping you understand the process every step of the way. Give our expert team a call or fill out the form on our Contact Page and we would love to talk to you about purchasing a home in Maui.