1. Get Pre-Qualified: Before you start looking for a home, it's important to get pre-qualified for a mortgage. This will give you an idea of how much you can afford to spend on a home and will make the homebuying process easier.
2. Work with a Real Estate Agent: A real estate agent can help you navigate the homebuying process and provide valuable advice on neighborhoods, schools, and other factors to consider.
3. Clean Up Your Credit: Check your credit report and credit score before you start the homebuying process. By law, you can get a free copy of your credit report every 12 months at annualcreditreport.com. Be sure to review your credit report for any errors and dispute them early on in your home buying process. It can take time for credit bureaus to change incorrect information, so cleaning up your credit may take a while.
4. Save for a Down Payment: It's important to save for a down payment if you can. A larger down payment amount will help reduce your monthly mortgage payments and may help you qualify for a lower interest rate.
5. Consider Closing Costs: In addition to a down payment, you'll also need to budget for closing costs. These can include fees for title insurance, appraisals, and other expenses related to the purchase of a home.
6. Don't Overextend Yourself: It's important to stay within your budget when purchasing a home. Don't overextend yourself financially, as this can lead to stress and financial difficulties down the road.
7. Learn More about Available Mortgage Options: Before you begin house-hunting, you should learn more about available mortgage options. First Hawaiian Bank offers a variety of mortgage options, from fixed-rate mortgages and adjustable-rate mortgages to Jumbo Loans, First-Time Homebuyer Loans, VA Loans, and more. Loan payment terms also vary and typically range from 15 to 30 years for most loan types. Talk to your personal banker or a First Hawaiian Bank Mortgage Loan Officer to learn more about your options.

By following these tips, first-time homebuyers can make the homebuying process as smooth and stress-free as possible.

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With skyrocketing home prices, limited inventory and the high cost of living in the islands, the need for affordable housing solutions has never been greater. American Savings Bank’s “This is HOME” program offers first-of-its-kind affordable financing designed to help hardworking kamaaina buy a home in Hawaii, so they can stay 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 benefits that are perfect for residents who can’t save enough for a traditional 20% down payment.

Program Benefits

Achieve your dream of homeownership in Hawaii with benefits from the program, including:

1. Expanded area median income range
2. 3% low down payment
3. Lower monthly payments
4. Expanded financing eligibility

To apply or learn more about ASB’s first time home buyer resources, CLICK HERE.