HI HB2296

Eliminates down payment requirements for eligible Hawaii residents purchasing their first home, allowing mortgages up to 100 percent of the property's acquisition cost.

Requires eligible mortgagors to have a minimum credit score of 620, be current Hawaii residents with at least 5 consecutive years of residency, and be first-time home buyers purchasing a principal residence.

Prohibits mortgage lenders, corporations, and financial institutions from requiring eligible mortgagors to pay any down payment amount in cash or equivalent.

Defines "first-time home buyer" as an individual who has not owned or purchased a single-family residence during the three years prior to purchase.

Applies to taxable years beginning after December 31, 2022.