ASB Launches “This is HOME” First Time Home Buyer Program to Address Growing Housing Crisis
ByASB July 18, 2023 | 2 MIN read News Releases
American Savings Bank (ASB) is proud to introduce “This is HOME,” a new first-of-its-kind affordable financing solution for first time home buyers designed to help hardworking kamaaina buy a home in Hawaii, so they can stay in Hawaii. As the state and counties place greater emphasis on solving Hawaii’s housing shortage, ASB’s “This is HOME” program will provide the lifeline residents need to get access to financing so they can realize their dream of affordable home ownership in Hawaii.
With a low down payment of 3%, discounted interest rate that will save borrowers hundreds of dollars on their monthly mortgage, lower mortgage insurance requirements and reduced closing costs, “This is HOME” offers a unique combination of benefits that is perfect for residents who can’t save enough for a traditional 20% down payment.
“American Savings Bank is committed to helping solve our state’s growing affordable housing crisis and empowering kamaaina to achieve their dream of homeownership in Hawaii,” said Ann Teranishi, president and CEO at ASB. “‘This is HOME,’ along with our recent $4 million investment in homeownership opportunities for Native Hawaiians to purchase or refinance homes on Hawaiian homelands, is part of ASB’s ongoing commitment to uplift our community and make homeownership dreams possible for everyone in Hawaii.”
“This is HOME” empowers kamaaina to live where they love
With more Native Hawaiians now living outside of Hawaii than in Hawaii due to skyrocketing home prices, limited inventory and the high cost of living in the islands, the need for affordable housing solutions has never been greater. Many kamaaina simply resign to renting or move out of state in search of affordable housing.
According to the Honolulu Board of Realtors, the median sales price in June for a single-family home was $1,050,000 and $510,000 for condos. With a traditional 20% down payment, a buyer would need $210,000 for a single-family home and $102,000 for a condo. “This is HOME” offers expanded income criteria, which provides access to funding for more of Hawaii’s hardworking kamaaina.
Benefits of “This is HOME” program:
- Expanded AMI: Available to individuals earning up to 140% of the area median income (AMI), which equates to $169,950 for a family of four or $118,950 for an individual borrower.
- Low Down Payment: Down payment as low as 3%, with only 1% required from the borrower and up to 2% from other sources.
- Lower Monthly Payments: Save hundreds of dollars on your monthly mortgage payment as a result of ASB’s discounted interest rate, lower mortgage insurance requirement, reduced closing costs and no added fees or pricing adjustments.
- Expanded Financing Eligibility: More properties are eligible for financing, including condos, which are typically restricted in first time home buyer programs.
- Complimentary Housing Counseling: Applicants, regardless of approval, will receive first time home buying resources and support from Hawaiian Community Assets and Hawaii HomeOwnership Center.
To apply or learn more about ASB’s first time home buyer resources, visit asbhawaii.com/thisishome.