State housing officials have announced a below-market interest rate program for qualified first-time homebuyers.

Under the Hale Kamaʻāina Mortgage Program, formerly known as the Hula Mae Single Family Mortgage Program, eligible buyers may qualify for a 30-year fixed-rate mortgage as low as 5.40% without down payment assistance, or 5.65% when paired with state housing down payment assistance options.

The Hawaiʻi Housing Finance and Development Corporation said the rates are below current market averages, which have recently climbed above 6.25%.

Interested homebuyers are encouraged to contact a participating HHFDC lender. A list of approved lenders and program details is available at dbedt.hawaii.gov/hhfdc/hk-mortgage-program/.