We report the results of a study of the exclusive semileptonic decays B->pi0lnu, B->pi+lnu, B->rho0lnu, B->rho+lnu and B->omegalnu, where l represents an electron or a muon. The events are tagged by fully reconstructing a second B meson in the event in a hadronic decay mode. The measured branching fractions are Br(B->pi0lnu) = (0.80 +- 0.08 +- 0.04)x10^-4, Br(B->pi+lnu) = (1.49 +- 0.09 +- 0.07)x10^-4, Br(B->rho0lnu) = (1.83 +- 0.10 +- 0.10)x10^-4, Br(B->rho+lnu) = (3.22 +- 0.27 +- 0.24)x10^-4, and Br(B->omegalnu) =(1.07 +- 0.16 +- 0.07)x10^-4, where the first error is statistical and the second one is systematic. The obtained branching fractions are inclusive of soft photon emission. We also determine the branching fractions as a function of the 4-momentum transfer squared to the leptonic system q^2=(p_l+p_nu)^2, where p_l and p_nu are the lepton and neutrino 4-momenta, respectively. Using the pion modes, a recent LCSR calculation, lattice QCD results and a model-independent description of the hadronic form factor, a value of the CKM matrix element |V_{ub}| = (3.52 +- 0.29)x10^-3 is extracted. For the first time, a charmless state with invariant mass greater than 1 GeV/c^2, which might be dominated by the decay B->f2lnu, is observed. These results are obtained from a 711 1/fb data sample that contains 772 millions BB pairs, collected near the Upsilon(4S) resonance with the Belle detector at the KEKB asymmetric-energy e^+ e^- collider.