Overview
What is Hhoc Mortgage?
Hhoc Mortgage, based in Honolulu, Hawaii, is a nonprofit organization with a mission to aid low to moderate income home buyers in the state. They primarily offer affordable mortgage loans and provide secondary services such as down payment assistance loans and deferred down payment and closing cost loans. The organization's purpose is also to generate excess revenues to support its affiliate, Hawaii Homeownership Center, in its mission to educate and coach prospective home buyers. With around 5 employees, Hhoc Mortgage is dedicated to making homeownership more accessible in Hawaii.
Is Hhoc Mortgage legitimate?
Hhoc Mortgage is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hhoc Mortgage submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $169,878
For more financial information, click here
What is the mission statement of Hhoc Mortgage?
Hhoc Mortgage is committed to assisting low to moderate income homebuyers in Hawaii with down payment assistance and affordable financing. Their primary mission is to offer competitively priced mortgage loans to these homebuyers, serving primarily low and moderate income target markets and communities. In addition to their primary mission, Hhoc Mortgage generates excess revenues to support its affiliate, Hawaii Homeownership Center, which provides financial education and coaching to prospective homebuyers. Their services include offering first mortgages, providing down payment assistance loans, and offering deferred down payment and closing cost loans to income-qualified, first-time buyers.
Who is the CEO of Hhoc Mortgage?
Reina Miyamoto is the President of Hhoc Mortgage.
What is the revenue of Hhoc Mortgage?
Hhoc Mortgage's revenue in 2022 was $303,213.
Who are the executives of Hhoc Mortgage and what are their salaries?
The average compensation at Hhoc Mortgage during 2022 was $33,976. There are 5 employees and 8 volunteers at Hhoc Mortgage.
Here are 9 key members and their salaries:
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- Related: $80,000
- Other: $7,608
Where can I find the form 990 for Hhoc Mortgage?
Hhoc Mortgage's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Hhoc Mortgage
Hhoc Mortgage, a nonprofit organization, is committed to assisting low to moderate income homebuyers in Hawaii with down payment assistance and affordable financing. Their primary mission is to offer competitive mortgage loans to Hawaii's homebuyers who fall within these income categories. Hhoc Mortgage primarily serves low and moderate income target markets and communities, aiming to make homeownership more accessible for this demographic. Furthermore, Hhoc Mortgage generates excess revenues to sustain its affiliate, the Hawaii Homeownership Center, which provides financial education and coaching to prospective homebuyers. In addition to its primary program of offering first mortgages, Hhoc Mortgage also provides down payment assistance loans and deferred down payment and closing cost loans to income-qualified, first-time buyers, thereby expanding its support to eligible homebuyers.
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Impact
October, 2024
Hhoc Mortgage plays a crucial role in enhancing homeownership opportunities for low to moderate-income buyers in Hawaii. By offering affordable mortgage loans, the organization helps bridge the financial gap that often hinders these individuals from purchasing their own homes. This is particularly significant in a state where the cost of living is high, and housing affordability poses a challenge for many families.
The organization primarily focuses on first-time homebuyers, providing a range of services designed to make homeownership accessible. Its primary offering is competitive first mortgages, which are vital for those entering the housing market. Additionally, Hhoc Mortgage provides down payment assistance loans, which can alleviate the barrier of upfront costs. These second mortgages, along with deferred down payment and closing cost loans ranging from $5,000 to $10,000, are tailored for income-qualified buyers who may struggle to gather the necessary funds for their initial investment.
Moreover, Hhoc Mortgage's financial contributions to the Hawaii Homeownership Center enable it to disseminate educational resources and coaching for prospective homeowners. This financial literacy support is essential in equipping buyers with the knowledge they need to navigate the complexities of homeownership, ensuring they make informed decisions and fostering long-term success.
In summary, Hhoc Mortgage significantly impacts the housing landscape in Hawaii by providing affordable financing options, targeted assistance for first-time buyers, and essential financial education, thereby supporting both individual aspirations for homeownership and the overall stability of communities.
This information is meant to be a general summary of Hhoc Mortgage. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $16,775
- Program Service Revenue: $141,438
- Gross Receipts: $304,017
Assets and Liabilities:
- Total Assets: $4,421,266
- Total Liabilities: $742,937
- Net Assets: $3,678,329
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM FEES
Revenue
$82,469
LOAN INTEREST AND FEES
Revenue
$58,969
Organization Details
Founding Year
2009
Phone
(808) 523-9500Principal Officer
Reina Miyamoto
Main Address
1259 AALA STREET 201, HONOLULU, HI, 96817
NTEE Category
Code: L82 - Housing
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