Special Offers to Help You Reach Your Dream of Homeownership
Buying a home is a huge milestone - we're here to help! We are currently offering the following promotions that can help you save money on closing cost and mortgage insurance.
This is HOME: An affordable financing solution for Hawaii's Kamaaina
A home loan for first time home buyers that includes a wider Area Median Income (AMI) range for buyers who earn between 80% - 140%, a down payment as low as 3%, lower mortgage insurance requirement, reduced closing costs and more!1
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Hometown Heroes Promotion
Are you or someone you know a hometown hero? Take advantage of this promotional offer of one-half (0.5) point off your loan origination points for Hawaii's first responders, teachers, military personnel and more.2
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First Time Home Buyer Promotion
Looking to purchase a property as an owner-occupant and haven't owned a home in the last 3 years? Take advantage of this promotion and receive one-half (0.50) point off your loan origination points.3
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Purchase Promotion
Looking to purchase a property as an owner-occupant? Take advantage of this promotion and receive one-quarter point (0.25) off your loan origination points.4
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10% Jumbo Loan Down Payment "Piggyback" Promotion
Avoid costly mortgage insurance with 90% financing (10% down payment) with simultaneous first mortgage and home equity line of credit (HELOC).5
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Vacant Land & Construction Promotion
In this competitive market, inventory is limited and building a home from the ground up could be your best option. For a limited-time, get one-half (0.50) point off your loan origination points.6
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- This is HOME First Time Home Buying Program: The “This is Home” program is applicable for home purchase transactions financed through American Savings Bank (ASB) residential mortgage programs. Program is not applicable for brokered out or Veterans Affairs loans. Offer good only with a completed loan application submitted to ASB and for a loan closed and funded by ASB by 12/31/2024. Offer is subject to automatic monthly mortgage payments from a new or existing ASB personal checking account. The ASB checking account number with the intent to establish automatic monthly mortgage payments must be provided prior to final approval of the loan by ASB. The establishment of automatic payments must be signed at mortgage closing. If the borrower opts out of automatic payments or the ASB checking account is not established at loan closing, this program will not apply. See the Personal Deposit Account Terms and Conditions for other terms, conditions and fees for Kalo Checking accounts. This program cannot be combined with any other promotional discounts, long-term rate lock specials, or new project financing rates unless otherwise specified. This offer is subject to change or discontinue without notice. Offer good for one unit or one unit and Additional Dwelling Unit single-family dwellings and condominiums. The financed residential property must be owner-occupied. For the purpose of this promotion, an individual is a first time home buyer if he or she (1) is purchasing the security property; (2) will reside in the security property as a principal residence; and (3) had no ownership interest (sole or joint) in a residential property during the three-years preceding the date of the purchase of the security property. In addition, an individual who is a displaced homemaker or single parent also will be a first time home buyer if he or she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-years (source: Fannie Mae).
- Hometown Heroes Promotion: The mortgage discount offer (offer) is applicable for home purchase transactions 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 and for a loan locked through 12/31/2024 and closed/funded by ASB by 03/31/2025. Offer is subject to automatic monthly mortgage payments from a new or existing ASB personal checking account for this offer of one half (0.5) point off loan origination points. The ASB checking account number with the intent to establish automatic monthly mortgage payments must be provided prior to final approval of the loan by ASB. The establishment of automatic payments must be signed at mortgage closing. If the borrower opts out of automatic payments or the ASB checking account is not established at loan closing, this promotion will not apply and ASB will be required to re-disclose the non-promotional rate and charges which may result in delayed closing. See the Personal Deposit Account Terms and Conditions for other terms, conditions and fees for Kalo Checking accounts. This 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 discontinue without notice. Offer good for 1-4 unit single family dwellings, condotels, and condos. The financed residential property must be owner-occupied. 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.
Program is for eligible borrowers currently employed either full-time or part-time in one of the following eligible professions: teacher or professor (public, private, or non-profit); fire department; federal, state, or local government law enforcement agency; medical care provider (public, private, or non-profit); nurses, emergency medical technicians (EMTs) and paramedics; and active or former military personnel (dishonorable discharge is ineligible). At least one borrower must be in an eligible profession to qualify. ASB requires documentation to support current employment in an eligible profession and/or a W-2. - First Time Home Buyer Promotion: The mortgage discount offer (offer) is applicable for home purchase transactions 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 and for a loan locked through 12/31/2024 and closed/funded by ASB by 03/31/2025. Offer is subject to automatic monthly mortgage payments from a new or existing ASB personal checking account for this offer of one-half (0.50) point off loan origination points. The ASB checking account number with the intent to establish automatic monthly mortgage payments must be provided prior to final approval of the loan by ASB. The establishment of automatic payments must be signed at mortgage closing. If the borrower opts out of automatic payments or the ASB checking account is not established at loan closing, this promotion will not apply and ASB will be required to re-disclose the non-promotional rate and charges which may result in delayed closing. See the Personal Deposit Account Terms and Conditions for other terms, conditions and fees for Kalo Checking accounts. This 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 discontinue without notice. Offer good for 1-4 unit single-family dwellings, condotels, and condos. The financed residential property must be owner-occupied. For the purpose of this promotion, an individual is to be considered a first time home buyer if he or she (1) is purchasing the security property; (2) will reside in the security property as a principal residence; and (3) had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property. In addition, an individual who is a displaced homemaker or single parent also will be considered a first time home buyer if he or she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three year time period. (Source: Fannie Mae). 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.
- Purchase Promotion: The mortgage discount offer (offer) is applicable for home purchase transactions 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 and for a loan locked through 12/31/2024 and closed/funded by ASB by 03/31/2025. Offer is subject to automatic monthly mortgage payments from a new or existing ASB personal checking account for this offer of one-quarter (0.25) point off loan origination points. The ASB checking account number with the intent to establish automatic monthly mortgage payments must be provided prior to final approval of the loan by ASB. The establishment of automatic payments must be signed at mortgage closing. If the borrower opts out of automatic payments or the ASB checking account is not established at loan closing, this promotion will not apply and ASB will be required to re-disclose the non-promotional rate and charges which may result in delayed closing. See the Personal Deposit Account Terms and Conditions for other terms, conditions and fees for Kalo Checking accounts. This 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 discontinue without notice. Offer good for 1-4 unit single-family dwellings, condotels, and condos. 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.
- 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 loan-to-value (CLTV) of 90%. The residential first mortgage maximum loan amount is $1,750,000 (the maximum loan-to-value (LTV) is 80% for loan amounts up to $1,250,000 and 75% above $1,250,000 and up to $1,750,000). The ASB 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 $10,839.33 as of 3/18/2024, the interest rate is 6.875% and 1.125 points/7.030% 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 20-year FRELO, the APR as of 3/18/2024 is 9.00 % and the monthly payment is $2,969.10 for an owner-occupant. Other FRELO terms and rates are available. FRELO may be added upon your request. See the FRELO Conversion Addendum for minimum and maximum amounts for conversion to a FRELO.
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 (i.e., no further draw is 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 assessed if you request we close it within three years from the agreement date. This fee will not be assessed 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. HELOC 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. - Land and Construction: The loan discount offer (offer) is applicable for construction and vacant lot purchase 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 12/31/2024. This 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 discontinue 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.