HRS §201H-94
Eligible loans
This section tells the corporation to set rules for loans it backs, including property standards and loan terms. It also lets the corporation offer homebuyer help with those loans, as long as the help is repaid and follows the corporation's rules.
homebuyerslandlords
The statute, as written — Eligible loans
(a) The corporation shall establish requirements for property financed by an eligible loan, and may consider the location, age, condition, and other characteristics of the property. (b) The corporation shall establish restrictions on the terms, maturities, interest rates, collateral, and other requirements for eligible loans. (c) All eligible loans made shall comply with applicable state and federal laws. (d) Notwithstanding any other provision of law, the corporation may provide homebuyer assistance in conjunction with eligible loans through loans or other means; provided that the homebuyer assistance: (1) Is repaid through consideration to the corporation, including borrower repayments; and (2) Meets restrictions and requirements as established in rules adopted by the corporation.
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