HI SB912

Increases maximum downpayment loan assistance from $15,000 to $60,000 for eligible first-time homebuyers earning up to 120% of area median income.

Reduces maximum loan amount from 30% to 15% of purchase price or appraised value, whichever is less, with combined loan-to-value not to exceed 100%.

Allows Hawaii Housing Finance and Development Corporation to distribute loans either directly or through nonprofit organizations, with authority to charge origination fees.

Raises minimum borrower downpayment requirement from 3% to 5% of sales price and requires completion of HUD-approved homeownership counseling program.

Changes minimum loan interest rate from 0% to 1% and adds new section authorizing corporation to establish fees, premiums, and charges for the program deposited into the housing finance revolving fund.