First Time Home Buyers: Save on closing costs
Receive one-half (0.50) point off your loan origination points with automatic monthly mortgage payments from an ASB personal checking account for first time home purchases.1
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American Savings Bank is Hawaii's #1 Local Mortgage Lender*
*State of Hawaii Bureau of Conveyance data January 2024 through June 2025, recorded total value of residential, non-wholesale, purchase mortgages.
Malama Mortgage Program
Introducing the Malama Mortgage Program from American Savings Bank, a new low-cost loan program that helps organizations make home ownership in Hawaii possible for their employees. A Malama Mortgage protects what makes Hawaii so special by breaking down the barriers facing new kamaaina home buyers.
How it works:
To combat Hawaii’s affordable housing challenges, ASB teams up with local organizations to offer a one-of-a-kind deposit-backed mortgage loan as a valuable employee benefit.
- For qualified, first-time homeowners employed at participating organizations
- Low down payment options
- No private mortgage insurance (PMI) required
- Lower closing costs
- Lower mortgage rates with fewer restrictions
If you work at a participating organization, contact your human resources representative for more information.
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- The mortgage discount offer is applicable for home purchase transactions financed through 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 12/31/2025 closed/funded by ASB by 3/31/2026. 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.