Jumbo Loans1

What's a Jumbo Loan?

When you need to borrow more than $1,089,300 - a Jumbo Loan could help! This loan can be used for purchases or refinances in Hawaii.

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More About Jumbo Loans

Looking for something bigger for your dream home? At American Savings Bank we offer Jumbo Loans with competitive rates that are available for both fixed and adjustable rate (ARMs) mortgage programs.

A Jumbo Loan may be a good option for:

  • A fixed or adjustable mortgage in Hawaii
  • Loan amounts greater than $970,800 and up to $2.75 million
  • New home purchases or refinancing

Avoid Costly Mortgage Insurance

With Our "Piggyback" Offer1

 

Here's How It Works:

  • 90% financing (10% down payment) with a simultaneous first mortgage and home equity line of credit (HELOC)
  • Combined loan amount up to $2 million for first mortgage and HELOC
  • HELOC terms include a 10-year interest-only draw period followed by a fully amortized 20-year repayment period
  • HELOC features a 20-year fixed rate equity loan option (FRELO) up to $500,000

For more information on our Piggyback Offer, contact a home loan officer today >

Jumbo Loan Alternatives

You may also use our Jumbo Loans simultaneously with our Second Mortgage or Home Equity Loan Programs to help with a low down payment requirement and eliminate the need for private mortgage insurance.

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Common Questions:

  1. Loan programs and products are subject to loan qualification, credit policy and underwriting standards for the respective program or product. Certain terms, conditions and restrictions may apply. Programs/products subject to change or discontinuation without notice.
  2. The Combined First Mortgage and Piggyback HELOC Program is a residential loan program through American Savings Bank (ASB) with a maximum combined loan amount of $2,000,000 and a maximum combined LTV (CLTV) of 90%. The residential first mortgage maximum loan amount is $1,750,000 (the maximum loan-to-value (CLTV) is 80% for loan amounts up to $1,250,000 and 75% above $1,250,000 and up to $1,750,000). The ASB Equity Express (EEX) Home Equity Line of Credit (HELOC) 2nd mortgage maximum loan amount is $500,000.

    There are two monthly payments for this financing program. For example, based on a purchase price of $2,200,000, the first mortgage amount would be $1,650,000 (75% LTV) and the HELOC is $330,000 (CLTV 90%); down payment is $220,000. The monthly principal and interest payment for the first mortgage is $10,977.49 as of 10/26/22, the interest rate is 7.00% and 0.750 points /7.075% Annual Percentage Rate (APR). The actual monthly mortgage payment is higher when you factor in the monthly impound amount for property tax, hazard insurance and other applicable impounds. Assuming the HELOC is fixed with a 2 year fixed rate equity option, the APR is 3.250% and the monthly payment is $1,871.75 for an owner occupant borrower with a minimum credit score of 780. HELOC current variable rate effective 10/26/2022 is 6.25% APR, and is subject to change monthly based on the highest Prime Rate published in the Wall Street Journal, plus a margin (subject to the floor rate of 4.50%; maximum APR is 18.00%).

    If the borrower does not choose the FRELO option, the HELOC is interest-only based on the monthly variable rate and the outstanding principal (no principal amount is reduced unless there are additional payments made by the borrower each month; no prepayment penalty during the draw period for 120 months. After 120 months, the line of credit draw period ends (that is no further draw are allowed on the line), and the repayment period begins for 240 months. The monthly payment in the repayment period is principal plus interest based on 1/240th of the outstanding principal on the first day of the repayment period plus accrued interest. If your line amount is more than $25,000, a fee of $500 will be charged if you request we close it within three years from the agreement date. This fee will not be charged if: (I) your line is $25,000 or less, (ii) you sell the Collateral to an unrelated/unaffiliated third-party, or (iii) you pay off your loan with proceeds from a real estate secured loan from us. EEX must be secured by fee simple property located in Hawaii. Fire, hurricane, flood (if in flood hazard zone) and localized peril (if in a lava hazard zone) insurance policies are required at homeowner’s expense. Payments do not include taxes or insurance premiums; your actual payment will be greater. Subject to borrower qualification and credit and underwriting policy. Program subject to change or cancellation without notice.

Fannie Mae® is a registered trademark of the Federal National Mortgage Association. Freddie Mac® is a registered trademark of the Federal Home Loan Mortgage Corporation.