American Savings Bank’s ‘This is HOME’ added to union’s homeownership programs
Posted: October 24, 2024
The Hawaiʻi State Teachers Association is pleased to announce a new, member-exclusive homeownership program in partnership with American Savings Bank.
The “This is HOME” program is a first-of-its kind homeownership program aimed to help teachers buy a home in Hawaiʻi, regardless of whether they are first time home buyers.
The program boasts a low down payment option, below-market interest rates, discounted mortgage insurance, and more for qualified borrowers.
More about the program:
- Low down payment option
- Below-market interest rate
- Discounted mortgage insurance
- Primary residence purchases only (do not need to be a first-time homebuyer)
- Family of four earning up to $194,250/year may be eligible
- Complimentary consultation and prequalification
Refinance Promotion:
- One half (0.50) point off primary residence mortgage refinance (equates to $5,000 in savings on a $1 million mortgage).
Apply online in less than 20 minutes or schedule an appointment to talk with one of our 17 experienced loan officers serving 5 islands. Go to https://www.asbhawaii.com/hsta.
HawaiiUSA Federal Credit Union’s Welcome Home Mortgage Program
In addition to American Savings Bank’s new program, HawaiiUSA Federal Credit Union offers HSTA members its Welcome Home Mortgage program to provide affordable and simple mortgage financing for their new purchase or refinance. HSTA members are eligible for benefits including:
- As low as 3% down payment with mortgage insurance
- Flexible qualifying ratios and income limits
- Closing cost credit of 1% of the loan amount
- One-time free interest rate float down
- Borrowers may not have an ownership interest in any other residential property within or outside the state of Hawaiʻi within the last three years.
Other resources
A new state pilot program allows qualified educators to receive zero-percent, 30-year second mortgage loans worth up to 20% of the cost of their new homes depending on the type of unit purchased.
The program, aimed at first-time home buyers, is the first of its kind in the county.
Hawaiʻi HomeOwnership Center
The Hawaiʻi HomeOwnership Center partners with HSTA to provide support to members who are active and/or aspiring homeowners in Hawaiʻi. They host a series of webinars on topics including the importance of home inspections, what to consider as a first time home buyer, understanding your condo association and more.
Check your weekly Member Matters newsletter for upcoming webinars. Not subscribed to Member Matters? Click here to sign up!