First time homebuyer

First-time homebuyers in Hawaii have access to several programs that make owning a home more affordable.

Many buyers qualify for loan options with down payments as low as 3 percent, and VA buyers can purchase with zero down payment. FHA loans offer flexible credit requirements, approving scores as low as 580, which is helpful if your credit is still improving. Some first-time buyers may also qualify for Hawaii down payment assistance programs, grants, or tax credits that can reduce what you need upfront. We review all available programs and let you know exactly what you qualify for.

Veterans and active-duty military members have additional benefits.

VA loans offer zero down payment, no private mortgage insurance, and some of the most flexible approval guidelines in Hawaii. As proud partners with Homes for Heroes, we also provide added savings for veterans, military families, and first responders throughout the homebuying process.

You are considered a first-time homebuyer if you have never owned a home or if you have not owned one within the past three years.

As a first-time buyer in Hawaii, you have access to programs designed to make homeownership more achievable. We explain your options, review the requirements, and help you choose the mortgage that fits your budget and long-term goals.

Hawaii first-time homebuyer programs

Local mortgage support

Down payment assistance

Affordable home loan solutions

How it works

Step 1 — Learn your buying power (1-7 days)

Use our online calculator or speak to an advisor to discover your price range.
We’ll run a soft credit inquiry (doesn't affect your score).
You'll need: current pay stubs, recent bank statements, and government-issued ID.

Step 2 — Obtain an agreement in principle (AIP) (same day to 1 week)

This prequalification proves to sellers you're financially capable and estimates your borrowing limit.
Essential for competitive offers.
You'll need: ID, address verification, employment, and income records.

Step 3 — Save for your down payment and explore assistance programs (ongoing)

Down payment amounts typically range from 5% (higher rates), 10% (better deals), to 15-20% (best rates). We investigate whether you're eligible for Hawaii's assistance programs or new buyer grants.
We'll check if you're eligible for local assistance programs like shared ownership, equity help, or first-time buyer grants.
Tip: Even small increases in your down payment can significantly reduce your monthly payments.

Step 4 — Search properties and submit offers (2-8 weeks)

Present your AIP with each offer to demonstrate you're a serious contender.
Once your offer is accepted, you'll move into the full application and closing process.

Step 5 — Submit your application and get the property appraised (2-4 weeks)

The lender orders an appraisal to confirm the home's value.
You'll submit your full application with all required documents.
What to prepare: signed purchase contract, ID, pay stubs, bank statements, and sales agreement.

Step 6 — Underwriting and final approval (4-8 weeks)

We review everything, verify your information, and work with the lender to get final approval.
Stay in touch—timelines can shift, and we'll keep you updated on progress.

Step 7 — Closing day

Sign all closing documents.
Funds transfer, and the home officially becomes yours. You get your keys.

Step 8 — After closing (ongoing)

Set up automatic payments so you never miss one.
If rates drop later, we'll reach out to see if refinancing makes sense.

Step 1 — Learn your buying power (1-7 days)

Use our online calculator or speak to an advisor to discover your price range.
We’ll run a soft credit inquiry (doesn't affect your score).
You'll need: current pay stubs, recent bank statements, and government-issued ID.

Step 2 — Obtain an agreement in principle (AIP) (same day to 1 week)

This prequalification proves to sellers you're financially capable and estimates your borrowing limit.
Essential for competitive offers.
You'll need: ID, address verification, employment, and income records.

Step 3 — Save for your down payment and explore assistance programs (ongoing)

Down payment amounts typically range from 5% (higher rates), 10% (better deals), to 15-20% (best rates). We investigate whether you're eligible for Hawaii's assistance programs or new buyer grants.
We'll check if you're eligible for local assistance programs like shared ownership, equity help, or first-time buyer grants.
Tip: Even small increases in your down payment can significantly reduce your monthly payments.

Step 4 — Search properties and submit offers (2-8 weeks)

Present your AIP with each offer to demonstrate you're a serious contender.
Once your offer is accepted, you'll move into the full application and closing process.

Step 5 — Submit your application and get the property appraised (2-4 weeks)

The lender orders an appraisal to confirm the home's value.
You'll submit your full application with all required documents.
What to prepare: signed purchase contract, ID, pay stubs, bank statements, and sales agreement.

Step 6 — Underwriting and final approval (4-8 weeks)

We review everything, verify your information, and work with the lender to get final approval.
Stay in touch—timelines can shift, and we'll keep you updated on progress.

Step 7 — Closing day

Sign all closing documents.
Funds transfer, and the home officially becomes yours. You get your keys.

Step 8 — After closing (ongoing)

Set up automatic payments so you never miss one.
If rates drop later, we'll reach out to see if refinancing makes sense.

Mortgage types explained

Fixed-rate mortgage

Your rate stays locked for 15, 20, or 30 years. Easy to budget since your payment never changes.

Tracker mortgage

Your rate moves with the lender's base rate (like the prime rate). Goes up or down with the market.

Discount/Variable

You get a discount off the lender's standard variable rate for a set period. Payment can fluctuate.

Offset mortgage

Your savings account balance offsets your mortgage balance, reducing the interest you owe each month.

First-time home buyers