HUD is the nation's homeownership agency and has helped many families on the islands own their own homes. To help expand opportunities for the average Hawaiian family, the HUD Hawaii State Office is sponsoring free Community Homebuyer Fairs all throughout National Homeownership Month. Working in partnership with 14 other housing organizations, the groups planned five fairs in Hawaii through July 17th. The free homebuyer fairs began on June 8 and are continuing on Saturdays throughout June, each in a different community on Oahu. On July 13th the homebuyer fair will be hosted on the island of Maui.

Lee Jennings of HUD keep the keiki (children) happy with crayons and coloring paper while their parents collect information on homeownership in Hawaii.	Waianae residents visit with the Department of Hawaiian Home Lands and HUD to learn about homeownership opportunities in Hawaii.

The homebuyer fairs are designed to guide people interested in homeownership, and help families who want to take action actually become homebuyers. People learn about qualifying for a mortgage, how homebuyer education and housing counseling can help any potential homebuyer, and what steps are necessary to buy a home. The fairs are also an opportunity to have questions on buying a home or getting a mortgage answered by knowledgeable and respected housing industry representatives.

FHA is a viable option for some families: Honolulu's (Oahu) maximum mortgage amount is $291,650, and Maui's maximum mortgage amount is $237,500. For a $300,000 single family home with a small down payment and up front costs financed, a 30 year loan of $295,365 at 6.5% would mean a monthly principal and interest payment of $1866.91. A $145,000 condominium with a small down payment and a 30 year loan of $140,650 at 6.5% would mean a monthly principal and interest payment of $889.00.

Ramona Mullahey and Lynn Lee of HUD welcome potential homebuyers to the Waianae Community Homebuyer Fair.	American Savings Bank and First Hawaiian Bank help potential homebuyers pre-qualify for a mortgage.

The first homebuyer fair was conducted on June 8, 2002 at Waianae Mall. One hundred and fifty people turned out, and the fair was a tremendous success. American Savings Bank, First Hawaiian Bank, and Irwin Mortgage Corporation were available to help people pre-qualify for a mortgage. Other housing organizations like the Department of Hawaiian Home Lands (available to educate people on homeowner benefits available to Native Hawaiians), Honolulu Habitat for Humanity, Nanakuli Neighborhood Housing Services, and Catholic Charities were on hand to educate people on their programs and services to help people become homeowners.

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