Federal workers may defer mortgage loan payments for up to three months
With the partial government entering its third week, the Bank of Hawaii (BOH) is extending financial assistant programs for regular and contract employees of the federal government.
The three programs will provide affected workers with access to cash through special loan programs or getting relief on existing Bank of Hawaii loans through fast approval and quick funding. Additionally, all loan and late fees will be waived.
Under its loan forbearance program, federal workers may defer residential mortgages, home equity loans, and home equity lines in amortization for up to three months. In addition to this, federal workers may also avail of personal loans of up to $5,000, with a fixed 3% interest rate and no payments due during the first three months of a 27-month term. Affected workers may also extend other direct-installment or indirect loans, such as personal loans or auto loans, for up to three months.
“We hope to help our Federal workers and contractors get through an uncertain time without the worry of how they are going to pay for basic living essentials or any negative impact to their existing loans,” said Peter Ho, chairman, president, and CEO of Bank of Hawaii. “Bank of Hawaii’s loan officers are here to help and ready to work with people to assess their needs.”