HAR §15-317-16
HAR §15-317-16. Funding for eligible loan
Cite as Haw. Code R. § 15-317-16
The following
procedure is established for the funding of loans made under
this chapter:
(1)
No funds shall be authorized for release until the
mortgage lender or nonprofit organization has provided
the corporation with all required documentation that
verifies the borrower's eligibility for a loan under
this chapter;
(2)
The corporation shall arrange for the loan funds to be
available at the designated escrow company on the
eligible borrower's required loan funding date; and
(3)
Funds shall be disbursed by check made payable to the
escrow company as named in the purchase contract and
shall be applied toward the eligible borrower's
downpayment.
[Eff
MAY 2 3 2025
]
(Auth:
HRS
§§201H-4, 201H-161) (Imp:
HRS §201H-161)