At American Savings Bank we make it our mission to offer the most aggressive jumbo loan options in Hawaii. Throughout the year we have increased our loan limits, while maintaining low pricing and timely turn times for purchase transactions. And we allow as little as 10% down for multi-million dollar purchases which is very unusual in the industry.

What exactly are jumbo loans?

You may know that Fannie Mae and Freddie Mac adjust the county loan limits each year. At the beginning of 2021 the new limit for all Hawaii counties was bumped to $822,375 for one-unit properties. While that’s the highest limit on record, the need for larger loans is more common than ever as pricing pressures are not going away. 

The median price for a single-family home is nearing $1 million on Oahu with many neighborhoods well in excess of that figure. Maui and Kauai counties are already well into seven digits. Today’s buyers need creative options to minimize down payments on these properties and to keep the monthly payments as low as possible with low fixed rate and adjustable rate programs.

What are the sources for Jumbo loans?

It’s important to recognize that the local depository banks and credit unions are the primary options for loans exceeding $822,375, also known as “Portfolio” or “Non-Saleable” loans. That’s because mortgage brokers and mortgage banks, without a customer deposit base to fund jumbo loans that cannot be sold to Fannie or Freddie, typically broker them to the banks and credit unions. Going directly to the bank or credit union source is highly beneficial versus brokering with faster turn times and direct access to the decision makers.

For our latest jumbo loan updates please contact one of our helpful loan officers: www.asbhawaii.com/personal/mortgage-loan-officers