New Below-Market Mortgage Rates Program Launched to Support Local Homebuyers
Hawaii Housing Finance and Development Corporation
For Immediate Release: December 11, 2025
HONOLULU—A new program offering below-market mortgage interest rates to qualifying first-time local homebuyers was announced by the Hawaii Housing Finance and Development Corporation (HHFDC) today.
Under the Hale Kamaaina Mortgage Program, formerly known as the Hula Mae Single Family Mortgage Program, qualified first-time homebuyers may be offered a 30-year fixed-rate mortgage as low as 5.40% with no down payment assistance (DPA), and 5.65% when paired with HHFDC’s down payment assistance options. Conventional loan borrowers may qualify for a 5.70% rate without DPA or 5.95% with DPA.
These rates stand significantly below current market averages, which have recently climbed above 6.25%.
Homebuyers using HHFDC mortgage programs may save $300 to $400 per month compared to prevailing market mortgage rates, depending on loan type and whether down payment assistance is used.
Eligible borrowers must be first-time homebuyers and meet other federally mandated limits on mortgage revenue income limits and purchase prices.
“The Hale Kamaaina program reflects HHFDC’s commitment to supporting local families who are striving to purchase their first homes,” said HHFDC Executive Director Dean Minakami. The program is timely because across the nation, interest rates for traditional loans are climbing significantly, Minakami said.
The program provides 30-year fixed-rate mortgages through participating lenders statewide. Down payment assistance loans may also be available for qualifying borrowers.
Interested homebuyers should contact an HHFDC participating lender. A full list of approved lenders and program details are available at: https://dbedt.hawaii.gov/hhfdc/hk-mortgage-program/
About the Hawaii Housing Finance and Development Corporation
HHFDC’s primary mission is to advance affordable housing opportunities for the people of Hawaii. Additional information is available at https://dbedt.hawaii.gov/hhfdc.
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MEDIA CONTACT:
Gordon Y.K. Pang
Housing Information Officer
Hawaii Housing Finance and Development Corporation
Cell: 808-341-4069
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