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American Savings Bank is now approved by the U.S. Department of Housing and Urban Development to provide HUD 184A and FHA 247 loans to the Native Hawaiian community. The loan programs are designed to provide affordable financing options to Native Hawaiians for the purchase and refinance of homes on Department of Hawaiian Home Lands leased land.
The loan programs offer low down- payment options, no annual mortgage insurance premiums and flexible underwriting.
According to a 2020 DHHL survey, nearly 22% of residential applicants indicated that financing was the most important factor when considering accepting their lease award. In the same survey, DHHL found that 40% of applicants who “may be qualified” for financing did not apply for a mortgage.
For more information about the program, go to bit.ly/3UjowNa Opens in a new tab.