HawaiiUSA Federal Credit Union's First-Time Homebuyer Mortgage program is designed to help you with one of the biggest money decisions you’ll ever make. The mortgage experience can feel intimidating, but it helps to know you have the guidance of a trusted advisor. Our Mortgage Loan Officers provide you with know-how and tools to prepare you for your purchase.


  • First-Time Homebuyer Mortgage Loans are available to owner-occupants
  • As low as 3% down payment on your home loan with mortgage insurance
  • Loan origination costs may be waived (certain requirements apply)
  • Flexible qualifying ratios and income limits
  • Reduced closing costs
  • Minimum cash reserves of 2 months PITI (Principal, Interest, Taxes, and Insurance)
  • Available to owner-occupants
  • Opportunity to gain further interest rate discounts by completing First-Time Homebuyer education courses
  • If you have any questions or need assistance with your mortgage application, please call us at (808) 534.4300 or (800) 379.1300.


Program Eligibility

  • Must be a United States citizen or permanent resident
  • Must be a HawaiiUSA member
  • Must not have owned or had any interest in a principal residence, within or outside the state of Hawaii
  • Must be an owner-occupant and use subject property as your primary residence


All calculators and tools are supplied as a courtesy only. HawaiiUSA Federal Credit Union is not responsible for the accuracy or completeness of information that you provide or information generated by the calculators. Please check your records carefully before inputting your information into the calculators or tools. All projected rates and results are estimates, are examples only, and are necessarily hypothetical in nature. No results are guaranteed. The output of the tools and calculators may vary with each use and over time. Please remember that the calculators and tools are not intended to replace the advice of qualified professionals, and you should consult with a qualified professional of your choice whenever specific advice is necessary or appropriate.


Additional calculators


How do I get started?

  1. Mortgage 101. Research and familiarize yourself with the overall homebuying process. A homeownership education course or mortgage toolkit are key resources.
  2. Determine what you can truly afford. Know what’s in your wallet before you start shopping. In addition to financing, you’ll need to budget cash for a down payment, closing costs reserves, prepaid tax, insurance, and maintenance fees.
  3. Understand your credit. Credit health is important. Use info from your free annual credit report (annualcreditreport.com) to fix potential problems and improve your credit score.
  4. Are you ready to buy a home? Now that you’ve got a clearer financial picture, you can assess if an affordable home comfortably fits into your monthly expense plan.
  5. Turn to the pros. Your Mortgage Loan Officer will lead you in gathering necessary financial documentation and choosing the best loan for your unique needs. Let them take care of the numbers, so you can enjoy the fun stuff.


How do I take advantage of the First Time HomeBuyer rate discounts from education?

  1. Present a certificate of completion for an approved homeownership education training course.
  2. Set up direct deposit with HawaiiUSA
  3. Set up automatic mortgage payments with HawaiiUSA



Members with low to moderate income qualify to take advantage of federal mortgage tax credits that help reduce the cost of buying a home. The MCC is a tax credit and helps reduce the amount of federal income tax you pay which increases your available income. The federal government allows each homeowner to claim an itemized federal income tax deduction for the amount of interest paid each year on a mortgage loan.

For a homeowner with a MCC, this benefit is even better: 20% of your annual mortgage interest will be a direct federal tax credit, resulting in a dollar-for-dollar reduction of your annual federal income tax liability. The remaining 80% of your annual mortgage interest will continue to qualify as an itemized tax deduction.

To qualify for the mortgage tax, buyers must reside in the home being purchased and cannot have owned a home in the previous three years. There are income and sales price limitations. If you are interested in learning more about the MCC program please contact us today.