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First Hawaiian Bank on Tuesday introduced a First Step Home Loan program for first-time homebuyers that makes ownership more affordable by offering a down payment requirement of only 10.01%, waiving of mortgage insurance and reduced closing costs.
The bank said the program provides more buying power and removes some barriers to entry that many Hawaii residents face.
The program offers a maximum loan amount of $1,089,300, a maximum loan-to-value ratio of 89.99%, and is ideal for any Hawaii first-time homebuyers purchasing residential property with no prior homeownership in the past three years, the bank said. For information, go to fhb.com/en/personal/mortgage/first-step-home-loan Opens in a new tab.
