The 2026 Hawai‘i Banking & Financial Report

Opening Doors for Hawaiʻi Homeowners

1 hour ago

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The core of Central Pacific Bank’s mission is to provide financial services for everyone in the community. And when it comes to home loans, CPB has a full line of products designed to meet every type of situation, whether you are a first-time home buyer, have an upcoming construction project, or are a retiree looking for a reverse mortgage.

“You can’t standardize the process when it comes to buying a home. Everyone’s financial situation is different, every property is different and rates change every day,” says Rusty Rasmussen, a Senior Vice President at CPB and Manager of its Home Loans Division.

The mortgage process can be complicated, he adds, “and there’s so much paperwork. For typical consumers, mortgages are very confusing, even scary. We take the position of just walking the customer through the process, making it as smooth and comfortable as possible, and educating them along the way.”

CPB offers traditional loans through Fannie Mae and Freddie Mac’s first-time homebuyer programs, and VA, FHA and USDA loans. The bank has also partnered with the state’s new Hale Kamaʻāina Mortgage Program that offers lower interest rates and monthly payments for buyers who otherwise might not be able to afford a home.

“Very few banks in town do Department of Hawaiian Home Lands loans, so we are proud we can offer this option to the Hawaiian Home Lands community,” Rasmussen says.

For those 62 and older, CPB offers reverse mortgages that allow customers to convert part of their home equity into cash. Instead of making monthly payments to a lender, the lender pays you. The loan is not paid back until you sell the home, move out, or pass away.

“This is very important for retirees, particularly those on a fixed income that have a lot of equity and are not able to pay their bills every month,” Rasmussen says.

CPB also offers a range of construction loans including financing for first-time home builders, and new construction projects like high-rises. The bank also works closely with developers who provide end loans for project buyers.

Condominium loans comprise another specialty area. CPB recognizes challenges centered around these types of loans as many older buildings have deferred maintenance and buyers or owners may not qualify for regular financing. In those cases, CPB offers nonwarrantable condominium loans.

The bank also has specialized home loan programs for medical professionals, and a program for foreign nationals buying into the community.

If any of these programs are not a good fit, or if an issue arises that loan officers can’t address, CPB also has its own first-time homebuyer portfolio program. “We do keep a couple of lenders available that we can broker to,” Rasmussen says.

CPB loan officers also work alongside real estate agents 24/7 to provide prequalification mortgage services on the spot to meet customer needs.

“It’s a little bit different from what most people envision in a bank loan officer,” Rasmussen says.

Although other lenders may offer similar loan products, CPB’s earnest and comprehensive service in the community sets it apart from the competition, Rasmussen says. “You can’t fake genuine concern. It has to come from the heart. We’re working on that every day, and that attitude is really where our success comes from.”

Rusty Rasmussen, Senior Vice President at CPB.

CPB was founded to step up for local people and businesses. This founding purpose is reflected in our commitment to make homeownership more attainable in Hawaiʻi.

For first-time buyers, CPB offers both educational resources and experienced loan officers who know what it takes to break into one of the country’s toughest real estate markets.

We’re proud to participate in the State of Hawaiʻi’s Hale Kamaʻāina Mortgage Program, which is specifically designed to help local homebuyers overcome affordability challenges and get into a home of their own in the islands.

CPB also partners with a carefully selected group of developers to bring projects to life, including low-rise, high-rise and single-home construction. We walk buyers through the process step by step and always aim to help them close on time.

What about buyers moving up to a larger home or those looking for ultra-luxury properties? We have the expertise and the loan products to facilitate those purchases, too.

Depending on your needs, we also offer refinancing, reverse mortgages, interest only loans and construction loans. There are many aspects to homeownership in Hawaiʻi, and we’re here to help you with them all. To learn more, please visit us at cpb.bank.