Who is eligible for a Hula Mae loan?

A Hula Mae loan is specifically designed to assist first-time homebuyers in Hawaii, particularly those purchasing leasehold properties. The program aims to make homeownership more accessible for residents and provides competitive interest rates and terms.

In this case, the correct choice highlights that eligibility includes individuals who are first-time homebuyers and are looking to purchase leasehold properties with a lease term of at least 35 years. This is crucial, as the program is tailored to help those entering the market for the first time and is focused on ensuring they have stable housing options.

The other situations presented in the alternatives fall outside the eligibility criteria for a Hula Mae loan. For instance, a homeowner looking to convert a leasehold to fee simple does not represent a first-time buyer situation. Similarly, a person who sold their home a year ago would not qualify as a first-time buyer, and a buyer purchasing a second home is inherently not eligible since the program is strictly for first-time homeowners. This specificity in the eligibility requirements highlights the program’s intention to support new buyers in their pursuit of homeownership.