The University of Hawaii Federal Credit Union (UHFCU) and HHOC Mortgage (HHOCM), a non-profit mortgage lender and Hawaii’s only non-profit mortgage broker, have signed renewal agreements for continuance of providing Down Payment Assistance Loans (DPAL) for home purchases. Since 2010, both organizations have collaborated to assist 43 low- and moderate-income, first-time homebuyers with these special loans.
DPALs help families avoid paying thousands of dollars in private mortgage insurance (PMI), which is required of borrowers with less than 20% down payment by traditional lenders. This assistance also help borrowers to qualify for financing.
Celebrating over 60 years of service, UHFCU is a federally chartered credit union with over $616 million in assets that serves the faculty, staff, students, and alumni association members of the University of Hawai`i system and over 29,000 members statewide. “Both UHFCU and the HHOCM share a common vision of providing affordable mortgage financing to the community,” said Bryan Anderson, UHFCU Vice President, Member Services. “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.
Dennis Oshiro, Executive Director for both HHOCM and HHOC, said, “The fact that there’s zero delinquency today and under $7,500 in losses over 8 years is a testament to the quality of homebuyer education, coaching and our loan program. We hope to continue this partnership for many more years.”
Bryan Anderson (UHFCU: VP of Lending), Travis Bow (UHFCU: President & CEO), Dennis Oshiro (HHOC: Executive Director), and Rachel Willis (HHOCM: Assistant Executive Director).