Haw. Code R. § 15-169-2
As used in this chapter:
"Annualized gross income" means gross monthly income of an eligible borrower (or borrowers) multiplied by twelve.
"Board" means the board of directors of the housing and community development corporation of Hawaii.
"Corporation" means the housing and community development corporation of Hawaii.
"Eligible borrower" means a person who:
(1) Is a citizen of the United States or a resident alien;
(2) Is a bona fide resident of the State;
(3) Is at least eighteen years of age;
(4) If single or married, does not own (either jointly or severally), in fee simple or leasehold, a majority interest in any other residential property within the State at the time of application;
(5) Will physically reside in the residential property to be purchased for the term of the loan;
(6) Is accepted by a financial institution as a person to whom it is willing to lend money for the purchase of the residential property provided the required downpayment is made;
(7) Does not have annualized gross income that exceeds the income limit established by the corporation;
(8) Contributes, from his or her own liquid assets, a portion of the downpayment which shall be equal to at least three per cent of the sales price;
(9) Will have liquid assets not exceeding two months of the principal, interest, taxes and insurance which comprise the eligible borrower's monthly mortgage payments, remaining after the closing date; and
(10) Has not been granted a previous loan under this chapter (except in cases of extreme hardship, divorce, etc., as determined by the corporation);
"Eligible loan" means a residential second mortgage loan made to an eligible borrower for a downpayment.
"Escrow company" means a disinterested third party which holds money or documents, or both until the terms and conditions between the buyer and the seller have been satisfied.
"Homebuyers club program" means the program administered by the corporation which provides information to potential homebuyers on how to save money, resolve credit problems, and shop for and purchase a home.
"Income limit" means the limit established by the corporation based on the median income which the United States Department of Housing and Urban Development establishes from time to time for the State, as adjusted by the corporation for family size.
"Financial institution" means an institution as defined in chapter 412:5 (bank), HRS, section 412:7 (savings and loan associations), HRS, 12 U.S.C. §21 (national bank) and 12 U.S.C. §1461 (federal savings and loan association or federal savings bank).
"Loan closing date" means the final procedure in which documents are executed or recorded, or both and the loan is completed.
"State" means the State of Hawaii.
Haw. Code R. § 15-169-2