First Time Home Buyer


Some home buyers, particularly those making their first home purchase, lack a large down payment. Fret not. While traditionally a down payment of 20% or more was required for conventional financing, today’s market offers several lower alternatives.

Below is a quick overview of some of HomeStreet's loan programs for borrowers who need to put a minimum amount down on their new home. FHA and VA loans are becoming increasingly popular due to recent changes in loan limits and underwriting criteria. Be sure to ask your loan officer for details. That’s what they’re there for.

FHA loans:

FHA loans are once again becoming a good choice for first-time borrowers. In many cases, they allow for a 3.5% down payment, which can come from a variety of sources, including gifted funds. They have competitive interest rates and fees, with easier qualification standards than many conventional loans. Learn more here.

VA loans:

Available only to qualified military veterans, Veterans Affairs (VA) loans allow for 100% financing. Learn more here.

Conventional loans with mortgage insurance:

Conventional first mortgage loans of greater than 80% of the property value (20% down payment) require private mortgage insurance. Mortgage insurance can now be obtained on loan amounts up to 97% of the home’s sale price or appraised value. Learn more about conventional loans here .

Be sure to speak with a Hawaii HomeStreet Loan Officer to help you determine which program is right for you!


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Cheryl Dillon, RB-18551, James W. Wright, RB-16206, 1-808-735-7888