(FHB) — First Hawaiian Bank will begin offering 95 percent financing on residential loan values on Guam, according to a statement by Laura-Lynn V. Dacanay, senior vice president and region manager for Guam and the CNMI.
“We are pleased to be offering this new 95 percent financing option, making it easier for first-time buyers and homeowners wanting to trade up to be able to achieve their home ownership dreams,” said Dacanay.
She added, “First Hawaiian Bank offers more lending options than any other lender on Guam. The bank remains committed to creating opportunities to strengthen Guam’s economy while meeting the needs of the community.”
The 95 percent value on residential loan financing applies only to the purchase of owner occupied single family dwellings and eligible condominiums.
Maximum loan amount is $625,500. It is available on fixed 15-, 30-, 40-year fixed rate mortgages, as well as adjustable rates of 1/1, 3/1, 5/1 and 10/1.
In addition to the current tax deduction on mortgage payments, the federal government has approved tax deductions on first-year premiums paid on mortgage insurance for 2007.
First Hawaiian Bank, now with $12.0 billion in assets, was founded in 1858 and is Hawaii’s oldest and largest bank. It has 57 branches in Hawaii, three on Guam and two on Saipan. It is a subsidiary of BancWest Corporation, www.bancwestcorp.com, a financial holding company with assets of $67.3 billion.