What is a requirement for an eligible borrower under the Hawaii Hula Mae loan program?

An eligible borrower under the Hawaii Hula Mae loan program must be an owner-occupant for the loan duration. This requirement is essential because the program is designed to promote homeownership among residents of Hawaii, encouraging individuals to purchase and live in the homes they buy.

Owner-occupancy is a significant aspect of the program because it ensures that the benefits of the loan are directed toward those who will actively contribute to the community by residing in the property. By requiring borrowers to occupy the home they finance, the program helps to stabilize residential neighborhoods and support local economies.

The other options do not align with the program's main objectives. For instance, the program typically assists first-time homebuyers, which may exclude those who have previously received a Hula Mae loan. Additionally, being an out-of-state resident may not meet the program’s priority of fostering local ownership. Finally, having any amount of annual income would not comply with the guidelines, as there are often income limits to qualify for such assistance to ensure that the help goes to those who need it most.