There's free food, entertainment, an appearance by Andy Bumatai and door prizes.

Sound like a local festival? It isn't. It is a homebuyer education workshop to help consumers explore and qualify for home loans in one of the nation's most expensive housing markets.

Mortgage financier Freddie Mac is sponsoring tomorrow's event hosted by Central Pacific HomeLoans and emceed by local comedian Dave Lancaster.

Leonard Loventhal, Central Pacific loan manager, said the company hopes to prequalify at least 100 people for a loan.

Freddie Mac, a company established by Congress in 1970 to help finance home mortgage lending, in early 2005 created a flexible loan product called Home Possible for consumers with less than the best credit.

Since partnering with Central Pacific and the Hawai'i Association of Realtors, Freddie Mac has originated 255 Home Possible loans valued at about $90 million through Central Pacific, up from 22 loans valued at $3.7 million in 2005 through a variety of local lenders.

Home Possible loans are offered for up to 100 percent of a home's value with no cash down, and are available for primary residences up to $625,500. Those carry interest at slightly above conforming market rates. Honolulu households earning up to $124,950 regardless of household size can qualify for the loans.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.