First-time homebuyers in Hawaii may be able to receive mortgage loans that will help cover part of a down payment, under a state-run program announced Monday.

The Hawaii Housing Finance and Development Corp. said $43 million in loan financing is available under the state’s Hula Mae program in partnership with the U.S. Treasury Department and participating local lenders.

The 30-year loans have a 3.45 percent interest rate plus an option to finance up to 3 percent of the sales price at a 3.8 percent interest rate. There is a loan fee of 1.25 percent on both loans.

To qualify for a Hula Mae loan, applicants may not have owned an interest in a principal residence for the past three years and must live in the home throughout the loan’s term. Qualified buyers also must meet income and home price restrictions.

For a family of three or more, the annual gross income limit is $114,240 on Oahu, $106,400 on Maui, $105,280 on Kauai and $96,180 on Hawaii island. The income limit is about $15,000 less for families of fewer than three.

Home price limits are $723,417 on Oahu, $720,000 on Maui, $705,189 on Kauai and $563,923 on Hawaii island.

Hula Mae lending is a long-running program in the state, but Gov. Neil Abercrombie said in a statement that the additional loan packages with down-payment assistance will help more people invest in their long-term future and stimulate economic activity.

Karen Seddon, Hawaii Housing Finance and Development Corp.’s executive director, said in a statement that only 28 percent of potential homebuyers have enough money for a down payment.

"We’ve been listening to developers, Realtors and homebuyers and are excited to be able to offer this down-payment feature to help them over this hurdle," she said.

Hula Mae loans may be used to purchase a new or existing single-family home or condominium unit. If a property is on leasehold land, at least 35 years must remain on the lease, and lease rent must be fixed for no less than 10 years.

The participating lenders are American Savings Bank, Bank of Hawaii, Castle & Cooke Mortgage, Central Pacific Bank, First Hawaiian Bank and Hono­lulu Home Loans.

More information can be found at hawaii.gov/dbedt/ hhfdc or by calling the agency’s Hula Mae information line at 587-0567.