Don’t make the biggest purchase of your life without the security and expertise of Hawaii State FCU behind you. We offer 15- or 30-year fixed-rate* mortgages as well as adjustable rate mortgages; and we’ll help you choose the mortgage that suits you as well as your new dream home. We can also help you refinance your current home to help make some of your other dreams come true.
First Time Homebuyer Program 1
Purchasing a home is difficult enough, but when you’re purchasing your very first home, the entire process can be quite overwhelming. That’s why Hawaii State FCU makes it easier for you with the first time homebuyer program. The program offers flexible qualifying guidelines, reduced fees for qualifying members and a free homeowner workshop to help you understand the entire process.
The features of the First Time Home Buyer Program make it one of the most powerful tools in the market today:
- Up to 95% financing with no Private Mortgage Insurance (PMI) requirement
- $500 discount off appraisal fees
- Gift monies acceptable for down payment / closing costs
- Reduced points and closing costs
- Single family homes and condominiums accepted
- Educational opportunities for new homeowners
Conventional 1st and 2nd Mortgage Loans
- Maximum loan amount is $625,500 for a 1st Mortgage or up to 80% loan to value ratio, whichever is less
- Maximum loan amount is $312,750 for a 2nd Mortgage or up to 80% loan to value ratio, whichever is less
- Only improved residential property in Hawaii accepted as collateral.
Balloon Mortgages
Balloon Mortgages are great for those first-time homebuyers who expect to remain in their home for a relatively short period of time. The monthly payments are amortized similar to a standard mortgage at a lower rate that is fixed for a set term, after which the balance comes due.
- Maximum loan amount is $625,500 or up to 80% loan-to-value whichever is less on primary residences only
- Only improved residential property in Hawaii accepted as collateral.
Adjustable Rate Mortgage (ARM)
Adjustable Rate Mortgages are alternatives to fixed rate 1st mortgages. The interest rate is usually lower at the start of the loan than standard mortgage thus giving you greater purchasing power with lower monthly payments in the early years of ownership. Interest rate caps protect you from big interest rate changes.
- Maximum loan amount is $625,500 or up to 80% loan to value ratio whichever is less on primary residences only
- Interest rate cannot increase or decrease more than 2% per adjustment period and increase or decrease more than 6% over the life of the loan
- Only improved residential property in Hawaii accepted as collateral.
Home Equity Line of Credit
A home equity line of credit allows you to put the equity in your home to work improving your life — take a vacation, consolidate debt, even pay for a wedding. Hawaii State FCU offers flexible financing options at affordable rates, with no closing costs or annual fees. Better still, the interest you pay may be tax deductible. Consult with your tax advisor on deductibility in your situation. With a Home Equity Line of Credit from Hawaii State FCU, you will enjoy:
- No closing costs2
- No annual fees
- Current Hawaii real property tax assessment may be accepted, if loan amount does not exceed $250,000.
80% Loan-to-Value Home Equity Line of Credit 3
- $300,000 or up to 80% loan-to-value ratio, whichever is less
- $10,000 minimum line-of-credit loan
- 15-year draw period, 15-year repayment period.
95% Loan-to-Value Home Equity Line of Credit 4
- $200,000, or up to 95% loan-to-value ratio, whichever is less
- $10,000 minimum line-of-credit loan
- 15-year draw period, 15-year repayment period.
Home Equity Loan
Much like a home equity line of credit, a home equity loan lets you borrow against the equity in your home. However, the difference is a home equity loan lets you borrow one lump sum up front at a fixed interest rate and repayment is done over a specified term. Use your home equity loan to help finance major home repairs, medical bills or college tuition.
1.Program rates, terms and conditions are subject to change without notice. The 95% LTV program requires the approval of a 30-year* first lien mortgage and a 20-year fixed* HELOAN mortgage. Minimum down payment required is 5 percent. This offer applies to first time homebuyers only. The minimum loan amount is $30,000. Only fee simple, owner occupied, improved residential property in Hawaii is accepted as collateral. Property insurance is required.
2. Closing costs, estimated between $650 and $1950, will be advanced on your behalf and will require reimbursement if the line is closed within the first three years. If an appraisal or trust review is required, you will be required to pay those costs at closing. This offer applies to new home equity lines of credit.
3. 80% Loan-to-Value HELOC Current Monthly Variable Indexed Rate: 3.75% APR**, effective 4/01/10.
4. 95% Loan-to-Value HELOC Current Monthly Variable Indexed Rate: 5.25% APR**, effective 4/01/10.
*Payment examples: A 15-year term loan of $100,000 with a 6.00% APR and no points would have 180 monthly principal and interest payments of $844; a 20-year term loan of $100,000 with a 6.00% APR and no points would have 240 monthly principal and interest payments of $716. A 30-year term loan of $100,000 with a 6.00% APR and no points would have 360 payments of $600.
**The Current Monthly Variable Indexed Rate is based on the Prime Rate as published in the Wall Street Journal plus a margin. Your margin will depend on credit history, loan-to-value (LTV) of the loan, and whether or not the property is owner-occupied. The Currently Monthly Variable Indexed Rate shown is current as of 4/1/10 and will not exceed 18% APR. The Current Monthly Variable Index Rate has a minimum APR of 3.75% for 80% LTV properties that are owner-occupied and 5.25% for 95% LTV properties that are owner-occupied. The monthly variable index rate has a minimum APR of 5.25% for investment properties (75% maximum LTV). The maximum LTV for leasehold properties (owner-occupied or investment) is 60%. Only improved residential property in Hawaii is accepted as collateral.
Your most current real property tax assessment may be accepted in lieu of an appraisal, depending on the size of your line of credit. Rates, terms and conditions are subject to change without notice. Property insurance is required.
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