More About Land & Home Construction Loans
Purchase a vacant lot in Hawaii to build your dream home tomorrow.
- Up to a three year loan term with minimum monthly payments of interest-only during the three year period. Loan balance due at the end of term2.
- Fixed interest rate during the term
- No prepayment penalty
- Available for land purchase with land loan to be paid off and construction to commence within three years
- Credit of up to one point paid on the land loan upon the Construction refinance
New home as well as property additions and renovations in Hawaii
- Build Your DreamSM Construction-Permanent Loan combines construction financing and a permanent loan into one.
- New home as well as property additions and renovations in Hawaii
- New purchase and refinance
- Interest-only payments during the construction period
- Up to 18 months for the construction phase
- Fixed rate term after construction
- One-time option to take advantage of lower rates for the permanent loan if fixed interest rates are lower when construction is completed
- Find out more about What You Need to Know... with Construction Loans
For a limited time, receive one-half (0.50) point off
your loan origination points!3
On construction & vacant land loan applications received prior to 6/30/23.
One-half point equates to $2,000 off a $400,000 loan.
Apply now > to start saving or contact a home loan officer > to learn more.
WAYS TO GET STARTED
PROGRAMS AND RESOURCES
Products
Home Purchase
First Time Home Buyer
Refinancing a Mortgage
Jumbo Loans
Land and Home Construction Loans
U.S. Department of Veteran's Affairs (VA) Loan
Home Equity Line of Credit
Programs
Conforming Loan
Non-Conforming Loan
Combined First and Second Mortgage
State of Hawaii Mortgage Credit Certificate
First Time Home Buyer Programs
Learning and Resources
Buying Your First Home
Detailed Loan Process Guide
Mortgage Glossary
Mortgage Rates
Common Questions:
Getting pre-qualified before applying for a mortgage is helpful. Knowing how much of a home you can afford will also help in the house hunting process.
There are a few items you must consider before applying for a mortgage loan. We recommend that you have a good understanding of how much you want to borrow, what your credit score is, and that your financial information is readily available.
We typically ask for two years of W-2s and tax returns as well as other documents to verify the information that you provide to us. Every applicant is different, so please contact a loan officer to discuss your situation.
- 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.
- The Vacant Lot Loan from American Savings Bank is a 3-year fixed rate loan with fixed monthly interest-only payments and a final balloon payment. Points and fees vary and are subject to change. Credit of up to one (1) point paid to American Savings Bank on Vacant Lot Loan upon refinancing with a construction/permanent loan with American Savings Bank subject to the following conditions: Application for construction/permanent loan must be made within loan term; credit is applied to a mortgage loan for the purpose of constructing a home on the lot; and credit is not transferable to another party or property. The maximum loan-to-value (LTV) for loan amounts up to $822,375 is 75% (25% down payment), and the maximum LTV for loan amounts up to $1,000,000 is 65% (35% down payment). For more details contact an American Savings Bank residential loan officer. Payment example: Based on a purchase price of $773,200, the loan amount would be $750,000 with a 3% down payment of $23,200 for a 30-year fixed rate mortgage at 7.25% / 7.39% Annual Percentage Rate (APR) and 0.750 points, the monthly principal and interest payment including the monthly Private Mortgage Insurance (PMI) of $438.00 would be $5.554.35 for 360 months. Interest rate used in the example is effective 10/25/2022 and assumes borrower with a minimum credit score of 740.
- The loan discount offer (Offer) is applicable for construction and vacant lot loans financed through American Savings Bank (ASB) residential mortgage programs. Promotion is not applicable for brokered out loans or Veterans Affairs Loans. Offer good only with a completed loan application submitted to ASB through 6/30/2023. Offer cannot be combined with any other promotional discounts, long-term rate lock specials, or new project financing rates unless otherwise specified, and is limited to one promotion per loan. This offer is subject to change or discontinuation without notice. Applicant(s) is/are subject to loan qualification, underwriting guidelines, and credit policy of ASB. Offer valid for Hawaii properties only. Certain terms and restrictions apply. For more information, please contact an ASB Residential Loan Officer.
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.