HONOLULU (KHON2) -- Hawaii State Federal Credit Union introduced two new loan programs in January to address the growing affordability challenges in the state's housing market. Get Hawaii's latest morning news delivered to your inbox, sign up for News 2 You Hawaii State FCU is now offering a 40-year mortgage loan, aiming to make homeownership more accessible for first-time buyers with a longer financing option. The institution is also the first in the state to launch a condo insurance relief loan, providing fast financial support to members facing increased insurance premiums or unexpected special assessments. "With these new loan programs, our goal is to empower first-time buyers to achieve their dreams of homeownership, while also providing immediate relief to those impacted by escalating costs," said Andrew Rosen, president and CEO of Hawaii State FCU. "These efforts are part of our ongoing dedication to offering meaningful solutions that make a real difference in the lives of our members." Maui farmers can get up to $25k with grant program The new 40-year mortgage plan allows for flexible loan options, a high loan-to-value, allows family contributions toward down payments and closing costs and an education requirement. Despite the higher overall interest paid during the life of the 40-year mortgage, it provides an immediate pathway to homeownership for those who would not usually qualify, Rosen said. Buyers would also have the ability to refinance into a shorter term or lower interest rate when conditions in the market improve. Hawaii State FCU's condo insurance relief loan would provide members with financial relief, including access to discounted rates and fast funding. Both loan programs were made available to members beginning Jan. 2, with membership being available to more than 500 local organizations, businesses and all active and retires employees of the state, City and County of Honolulu and Maui County. Find more Hawaii, Oahu, Maui and Kauai news here For more information, visit any Hawaii State FCU branch or go to their website.