University of Hawai`i Federal Credit Union offers home loan relief to members
HONOLULU, HI (March 20, 2020) — As our islands continue to experience the impact of the COVID-19 pandemic, the University of Hawai`i Federal Credit Union (UHFCU) offers support to those who have been affected. With thousands of local families impacted with little to no warning, UHFCU is providing temporary relief on existing mortgages, with a no-fee, home loan deferment program, in addition to other relief measures for its members. Under this program, UHFCU members may defer making mortgage payments for up to 90 days.
With mortgage payments more than double the national average, Hawai`i is among the nation’s leaders in terms of average mortgage payments and debt. For many local homeowners, over 40% of monthly income is dedicated to repaying debt. Mortgage payments often account for the majority of that percentage. UHFCU’s mortgage skip-a-payment program features a simple application process and aims to provide financial flexibility and relief during this time of uncertainty.
“All of us have been stunned by the effect this pandemic has had on our community and the world. UHFCU has always been there to provide financial assistance when there have been natural disasters and public emergencies in our community,” said UHFCU President and CEO Travis Bow. “Our local economy is heavily based on tourism, which has been slowing due to the coronavirus. Considering the scope of the economic impact to our Islands as well as the constrained resources many families face, it is critical that Hawaii’s financial institutions step up and offer assistance in this time of urgent need.”
“Credit unions are about people helping people,” explained Bow. “We’ve been here for 65 years, helping people meet their financial needs through good times and bad times. We’ll continue to live by that philosophy.”
For more information on UHFCU’s special measures for coronavirus relief, please visit UHFCU.com/coronavirus.
About University of Hawai`i Federal Credit Union
Celebrating 68 years of service, UHFCU is a federally chartered credit union with over $835 million in assets that serves the faculty, staff, students, and alumni association members (including family and household members) of the University of Hawai`i system statewide. Recently, it has been named a finalist for “Hawaii’s Best” by the Star-Advertiser multiple times, one of “America’s Best-In-State Credit Unions” by Forbes Magazine, a “Top 200 Healthiest Credit Union” by DepositAccounts.com by LendingTree, and “Best Bank” by the students of the University of Hawai`i.
UHFCU’s main office is located at 2019 S. King Street (at the corner of McCully and King), with additional branches on the UH Mānoa Campus, Mānoa Marketplace, and Kapolei Commons. It also provides access to members at over 50 Shared Branch locations and more than 375 surcharge-free ATMs throughout Hawai`i.