First Hawaiian Bank is now allowing 20% down payments on all Maui condotels if the purchase is for an owner-occupant or a second home. A higher down payment will be required if the condo will be used for a vacation rental.
A second home purchase is defined as someone who does not currently own any other rental properties on Maui. Also, no rental agreements, reservations or management contracts may be requested on the purchase contract.
Foreign citizens still will require 30% down and 35% down if the purchase is over $1.5M.
First Hawaiian Bank offers lenient lending guidelines and will work with you to achieve home ownership on Maui.
Contact senior mortgage loan officer, Rick Smith directly at
161 Wailea Ike Pl. A-101
Wailea, HI, 96753