Home$tart Savings Program

Hawaii National Bank is a member of the Federal Home Loan Bank of Seattle's Home$tart Savings Program. First-time home buyers who enroll in the program through Hawaii National Bank could receive a grant up to $5,000 to be used only for down payment or closing costs in the purchase of a home. This grant is not a loan to be repaid, but an outright grant. Participants must maintain a savings account and meet program guidelines as described below.


Applicants must:

• Have total household income of 80 percent of the HUD (U.S. Department of Housing & Urban Development) median income — as adjusted for location and family/household size.
• Be first-time home buyers.
• Not receive other grant funds under the FHLBSeattle's Affordable Housing Program (AHP).
• Not have owned a home for the three years prior to the purchase of a home under this program. Exceptions will be made for displaced homemakers and/or single parents.
• Maintain a dedicated savings account for the grant's matching funds. At a 3:1 ratio, matching grant funds are provided at the time of loan closing, up to a maximum of $5,000. Submit copies of 6/30 and 12/31 balance statements.
• Complete a homebuyer education class. Submit Completion Certificate.
• Purchase a home within one year of enrollment. A maximum of two six-month extensions may be requested; subject to approval.
• Record the FHLBSeattle Mortgage and Retention Agreement. Submit original. If the home is subsequently sold within five years, the grant must be repaid on a pro-rata basis.
• This program is available to residents of all Hawaii Islands.
• A Hawaii National Bank bonus: With a mortgage loan at Hawaii National Bank, you receive an incentive of 1/2 percent (0.50 percent) reduction in loan fees.s

Note: Funds for this popular program go fast and are available on a first-come/first-served basis. Please contact your warm-hearted banker for information.