As low as 3% down payment with mortgage insurance*

Lower upfront barriers can get you into a home sooner

Loan origination costs may be waived

Certain requirements apply to gain these additional savings

Flexible qualifying ratios and income limits

Homeownership can be within your reach more easily

Reduced closing costs

Put more of your money into your new home

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HawaiiUSA Federal Credit Union's rates leave a lasting impression when buying your first home.



Our mortgage loan officers can guide you through the process of buying your first home

  • Financing available for primary residential property, owned and occupied by borrowers who haven't owned or had any interest in a property in the last three years
  • Budget confidently with fixed rates for stable monthly payments
  • Loan to Value (LTV) up to 97% with mortgage insurance means you can finance nearly all of your home
  • Requires minimum cash reserves to cover two months of PITI (Principal, Interest, Taxes, and Insurance)
  • Reduce your interest rate further by completing First-Time Homebuyer education courses
  • Fast, local decision-making and loan closings
  • Fully amortized over the life of the loan
  • No prepayment penalty

HawaiiUSA is a participating Mortgage Credit Certificate lender

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.

Frequently asked questions

First-time buyers in Hawaii have several mortgage options. Here are a few to consider:

  1. Conventional Loan: A conventional loan can be a good option if you have a strong credit history and can afford a higher down payment. It offers various terms and may have more flexible guidelines for condos or higher-priced properties.
  2. First-Time Homebuyer Programs: HawaiiUSA has a specific program for first-time buyers, offering low down payment, favorable rates, reduced closing costs, and other benefits. Certain eligibility requirements apply.

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

When you apply for a mortgage loan, a Mortgage Credit Certificate (MCC) reduces the amount of federal income tax that you need to pay, giving you more available income to qualify and potentially reduce your monthly loan payments.

  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 ( 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.


  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


Mortgage Loan Resources

Take that big step!

Your First-Time Homebuyer Mortgage is within reach through HawaiiUSA.

Minimum borrower's contribution is 3% with required mortgage insurance. Applicant must be an owner occupant of the property, US citizen or permanent resident, and the ocupant borrower may not have a sole or joint ownership interest in any other residential property within or outside the State of Hawaii within the last three (3) years proceeding the consummation of secured property. All other underwriting guidelines apply and all other fees and charges are applicable. HawaiiUSA membership required.

All advertised rates are based on a 30-day lock for owner-occupant First Mortgage loans with a 20% down payment. Payment does not include property taxes or insurance. Your actual rate and points may differ based on various factors such as when your rate is locked, occupancy status, loan purpose, loan amount, credit score and loan-to-value ratio. Rates and terms are subject to change or cancellation without notice. 30-year and 15-year terms available.

(Payment examples: A 30-year First Mortgage for $100,000 at 6.125% interest rate at 2.000 points, with a 3% down payment, has a monthly payment of $607.61 and an Annual Percentage Rate (APR) of 6.626%. A 30-year First Mortgage for $100,000 at 6.125% interest rate at 1.750 points, with a 20% down payment, has a monthly payment of $607.61 and an Annual Percentage Rate (APR) of 6.414%).