University of Hawai`i Federal Credit Union offers several loan programs. Most loan programs contain different features and benefits that help us customize an option that fits you best! The most common loan programs include:
5/5 ARM | 15/15 ARM | 15-Year Fixed Mortgage | 30-Year Fixed Mortgage | Home Equity | Construction | Land
FIRST MORTGAGES
5/5 ARM (Adjustable Rate Mortgage)
Features
Benefits
*The program assumes a minimum down payment of 20% with an occupancy type of owner for a single family dwelling purchase with full income documentation in the state of HI with a lock period of 30 days and no prepayment penalty. Maximum loan amount is $765,600.00 for a single family dwelling. For the 5/5 Adjustable Rate, the initial rate can change every 5 years by no more than 2 percentage points up or down, never to exceed 6 percentage points above the initial rate and not below the floor rate. Rates are variable and subject to change.
15/15 ARM (Adjustable Rate Mortgage)
Features
Benefits
* The program assumes a minimum down payment of 20% with an occupancy type of owner for a single family dwelling purchase with full income documentation in the state of HI with a lock period of 30 days and no prepayment penalty. Maximum loan amount is $765,600.00 for a single family dwelling. For the 15/15 Adjustable Rate, the initial rate is fixed for 15 years (180 months). At adjustment, the new rate cannot exceed 6.00% above the initial rate or cannot be lower than the floor rate. Rates are variable and subject to change.
Features
Benefits
Features
Benefits
HELOCS
A home equity line of credit loan is a line of credit that is secured against real estate. The amount of the credit line is dependent upon the amount of equity in the subject property. Lines of credit are typically designed for borrowers who intend to pay back the borrowed funds within a short period of time.
* The Annual Percentage Rate (APR) is fixed at 2.00% APR for 24 months from account opening and then adjusted to variable, based on the Prime Rate published in The Wall Street Journal, plus a margin. The current fully indexed variable APR is 4.50% as of 4/1/17. Loan-to-Value (LTV) is the percentage of the property's appraised value that is mortgaged. Maximum LTV for this offer is 80% LTV. 70% LTV is Prime + .50% with a floor rate of 4.50%. After the initial adjustment, the maximum increase per year is 1.00% (rate adjusts January 1st and July 1st) and the maximum rate is 18.00%. Property that will secure your home equity account must be owner-occupied and located in the State of Hawai'i. You must also maintain fire, hurricane, and flood (if in flood hazard zone) insurance on the property that secures the home equity account. To qualify for offer: (1) Must advance a minimum of $25,000 and maintain a minimum balance greater than or equal to $20,000 for 6 months; (2) Must have a new or existing UHFCU Checking account; and (3) Must be enrolled in the UHFCU e.Statement service. Refinancing of existing UHFCU mortgages, home equity loans or lines-of-credit, credit card, or other loans and lines-of-credit do not qualify for the offer. Additional terms and conditions may apply. Offer, terms, and rate subject to change without notice.
** No closing costs: Standard fees and charges will be waived for owner occupants by the Lender and not charged to the borrower if the initial draw under the plan is at least $25,000.00 and a loan balance of at least $20,000.00 is maintained for the entire first six months of the plan. If there is no initial draw or the initial draw is less than $25,000.00, or if the loan balance is less than $20,000.00 at any time during the first six months of the plan, all fees and charges paid to third parties incurred in the establishment of the plan will be charged to the borrower's account. Standard fees do not include the following, ALTA policy fee, appraisal, trust review, or other legal document preparation fees. If needed, applicant will pay these costs, which are estimated at $300 - $900 (ALTA policy fee), $300 - $750 (appraisal), and $100 - $125 (trust review fee).
*** Loan-to-Value (LTV) is the percentage of the property's appraised value that is mortgaged. The Annual Percentage Rate (APR) is variable and based on the Prime Rate published in The Wall Street Journal, plus a margin. Rates vary by LTV and credit limit. 70% LTV is Prime + .50% with a floor rate of 4.50%. 80% LTV is Prime + .50% with a floor rate of 5.50%. The maximum increase per year is 1.00% (rate adjusts January 1st and July 1st) and the maximum rate is 18.00%. Additional terms and conditions may apply. Owner-occupant only loan. Call us for terms and conditions regarding non-owner occupant loan options. Only properties in the State of Hawai`i are eligible.
**** Consult your tax advisor.
SPECIALTY PRODUCTS
A Construction loan is a loan that is secured against undeveloped land for the purpose of constructing a owner occupied new residence. Construction loans have a term of 1 year term at interest only payments based on the amount drawn. Interest only payments will increase after each draw. All construction loans must have a licensed and bonded contractor. Normal construction contracts are written with a five (5) draw showing breakdown of items to be completed for each draw request.
Maximum loan to value is 80% of appraised value based on completion per plans and specifications. Call us for more details and options.
A land loan is a loan secured against undeveloped land. Land loans are for the purpose of securing land to develop the property for owner occupant purposes at a later date.Land loans have a 3 year term. Payment are principal and interest based on a 30 year amortization with a maximum loan to value of 75%. No cash out is allowed on land loans. Call us for more details and options.
Ready to get started? Call us at 808-983-5555 or apply online.
