- Stage
- Became law
- Started in
- House
- Latest action
- Jul 9
Where it stands
Introduced (Done)
Committee (Done)
Floor (Done)
Law (Done)
What it does
Amends the Downpayment Loan Assistance Program by: removing the prohibition on combined loan-to-value ratios; clarifying the Hawaii Housing Finance and Development Corporation's authority to establish interest rates and allow payment waivers and interest forgiveness; authorizing financial institutions, mortgage lenders, and other loan originators to originate downpayment loans; and reducing the borrower's required personal contribution toward the downpayment. Authorizes borrowers to use a portion of a downpayment loan to pay for closing costs, prepaids, and reserves for the purchase of the residential property for which the downpayment loan is provided. (CD1)
Where it goes next
Law in Hawaii. Agencies now write the rules that carry it out, and courts can stay or strike it.
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Sponsors
The lawmakers who put their names on it, lead sponsors first.
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