American Savings Bank has introduced a new program for first-time homebuyers designed to help kamaaina buy a home in Hawaii.

The program, called “This is HOME,” allows a low down payment of 3%, discounted interest rates that will save borrowers hundreds of dollars on their monthly mortgage, lower mortgage insurance requirements and reduced closing costs.

“American Savings Bank is committed to helping solve our state’s growing affordable housing crisis and empowering kamaaina to achieve their dream of homeownership in Hawaii,” American Savings President and CEO Ann Teranishi said. “‘This is HOME,’ along with our recent $4 million investment in homeownership opportunities for Native Hawaiians to purchase or refinance homes on Hawaiian homelands, is part of ASB’s ongoing commitment to uplift our community and make homeownership dreams possible for everyone in Hawaii.”