Hilo FHA Loan Rates, Closing Costs & Stats

Hilo, HI

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Hilo's 43 lenders originated 189 FHA loans during 2023. The total origination value was $66,205,000, with an average FHA loan value of $350,291.

Hilo FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hilo averaged 5.72% for the week of 2024-10-04, compared to the national average (all FHA variants) of 5.885% for the same period.

Hilo's average FHA mortgage closing costs are $10,832.

The average rate for the prior week (2024-09-27) was 6.01% and one month ago for the week of 2024-08-30, the average rate was 6.17%.

The average rate one year ago was 7.21%.

For refis of the same type during the week of 2024-10-04, the average rate was 5.55%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Hilo FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Hilo level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 28 6.10% $15,467
QUICKEN LOANS, LLC 18 6.11% $17,918
V.I.P. MORTGAGE, INC. 15 6.83% $16,028
Nations Lending Corporation 13 6.04% $10,574
FREEDOM MORTGAGE CORPORATION 7 6.39% $18,151
MANN FINANCIAL INC. 7 6.07% $19,000
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.46% $15,975
LOANDEPOT.COM, LLC 6 5.91% $16,497
HomeStreet Bank 4 5.97% $11,117
Century Mortgage Company DBA Century Lending Company 4 5.78% $14,791
ACADEMY MORTGAGE CORPORATION 4 7.06% $12,974
NEWREZ LLC 4 6.69% $14,639
OCMBC, INC. 4 7.47% $14,786
Mr. Cooper ( Nationstar Mortgage ) 3 6.50% $19,965
AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.67% $19,469
American Mortgage & Equity Consultants, Inc. 3 6.88% $16,374
MASON MCDUFFIE MORTGAGE CORPORATION 3 5.71% $22,150
CROSSCOUNTRY MORTGAGE, LLC 3 6.10% $22,308
PENNYMAC LOAN SERVICES, LLC 2 6.12% $20,145
AMERICAN FINANCIAL NETWORK, INC. 2 7.31% $19,144
Bank of Hawaii 2 5.88% $10,385
AMERISAVE MORTGAGE CORPORATION 2 6.56% $19,767
DAS Acquisition Company, LLC 2 7.31% $11,692
SUN WEST MORTGAGE COMPANY, INC. 2 5.38% $19,673
PLAZA HOME MORTGAGE, INC. 2 6.88% $24,382
ZILLOW HOME LOANS, LLC 1 5.25% $15,676
Barrington Bank & Trust Company, N.A. 1 6.25% $15,040
Carrington Mortgage Services, LLC 1 5.88% $27,226
EVERETT FINANCIAL, INC. 1 8.25% $12,493
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.75% $23,126
Flagstar Bank, FSB 1 7.25% $9,094
GUARANTEED RATE, INC. 1 6.75% $11,212
GUILD MORTGAGE COMPANY 1 6.63% $18,174
HighTechLending Inc 1 6.88% $19,438
MID AMERICA MORTGAGE, INC. 1 7.50% $7,203
Mortgage Research Center, LLC 1 6.99% $10,366
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $26,182
NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $8,714
NFM, INC. 1 5.63% $14,169
Northpointe Bank 1 5.88% $18,513
Paramount Residential Mortgage Group, Inc. 1 7.63% $5,077
SECURITYNATIONAL MORTGAGE COMPANY 1 7.25% $21,467
SUMMIT FUNDING, INC. 1 5.50% $17,634

The top Hilo FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 28 FHA loans originated. Their average total fees are $15,467, which is $2,451 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Hilo FHA lenders (with over 10 loans originated) are Nations Lending Corporation ($10,574), UNITED WHOLESALE MORTGAGE, LLC ($15,467), V.I.P. MORTGAGE, INC. ($16,028), QUICKEN LOANS, LLC ($17,918) and .

The lowest rate Hilo FHA lenders (with over 10 loans originated) are Nations Lending Corporation (6.04%), UNITED WHOLESALE MORTGAGE, LLC (6.10%), QUICKEN LOANS, LLC (6.11%), V.I.P. MORTGAGE, INC. (6.83%) and .

Hilo FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
HILO, HI HAWAII 2022 $477,250 $610,950 $738,500 $917,800
HILO, HI HAWAII 2023 $517,500 $662,500 $800,800 $995,200

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Hilo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $499,500 (0.1%) $1,027,693 (3.5%) 1.85 1,446
2018-02-01 $499,000 (0.2%) $1,021,937 (4.8%) 1.81 1,477
2018-03-01 $499,000 (1.7%) $1,027,015 (7.6%) 1.75 1,398
2018-04-01 $499,000 (1.4%) $999,257 (1.5%) 1.69 1,357
2018-05-01 $499,000 (5.2%) $1,015,049 (1.9%) 1.67 1,317
2018-06-01 $499,000 (5.8%) $1,017,797 (3.3%) 1.66 1,352
2018-07-01 $499,350 (4.1%) $1,016,596 (3.0%) 1.67 1,361
2018-08-01 $499,000 (2.0%) $1,011,483 (-1.6%) 1.67 1,374
2018-09-01 $479,000 (-1.2%) $986,136 (-3.2%) 1.61 1,366
2018-10-01 $459,375 (-3.6%) $940,464 (-4.3%) 1.56 1,385
2018-11-01 $452,500 (-4.1%) $914,093 (-4.8%) 1.53 1,458
2018-12-01 $469,900 (-3.9%) $971,167 (-0.2%) 1.62 1,502
2019-01-01 $484,000 (-3.1%) $982,233 (-4.4%) 1.67 1,587
2019-02-01 $484,500 (-2.9%) $1,010,645 (-1.1%) 1.64 1,616
2019-03-01 $480,857 (-3.6%) $1,013,424 (-1.3%) 1.57 1,588
2019-04-01 $469,750 (-5.9%) $1,012,014 (1.3%) 1.49 1,573
2019-05-01 $467,375 (-6.3%) $1,018,600 (0.4%) 1.46 1,537
2019-06-01 $449,900 (-9.8%) $1,007,027 (-1.1%) 1.41 1,514
2019-07-01 $449,450 (-10.0%) $993,279 (-2.3%) 1.41 1,481
2019-08-01 $443,545 (-11.1%) $1,017,687 (0.6%) 1.40 1,465
2019-09-01 $435,364 (-9.1%) $1,015,669 (3.0%) 1.39 1,438
2019-10-01 $432,409 (-5.9%) $1,022,247 (8.7%) 1.40 1,418
2019-11-01 $439,250 (-2.9%) $1,043,382 (14.1%) 1.44 1,444
2019-12-01 $429,000 (-8.7%) $1,035,821 (6.7%) 1.43 1,443
2020-01-01 $444,450 (-8.2%) $1,065,904 (8.5%) 1.49 1,397
2020-02-01 $447,000 (-7.7%) $1,086,716 (7.5%) 1.46 1,368
2020-03-01 $430,950 (-10.4%) $1,065,382 (5.1%) 1.35 1,380
2020-04-01 $419,675 (-10.7%) $994,660 (-1.7%) 1.31 1,318
2020-05-01 $449,000 (-3.9%) $1,021,978 (0.3%) 1.36 1,297
2020-06-01 $461,500 (2.6%) $1,044,978 (3.8%) 1.36 1,271
2020-07-01 $458,500 (2.0%) $1,095,762 (10.3%) 1.33 1,171
2020-08-01 $449,900 (1.4%) $1,120,367 (10.1%) 1.29 1,122
2020-09-01 $491,125 (12.8%) $1,215,921 (19.7%) 1.41 1,028
2020-10-01 $499,000 (15.4%) $1,294,728 (26.7%) 1.43 1,002
2020-11-01 $499,000 (13.6%) $1,283,744 (23.0%) 1.46 956
2020-12-01 $499,000 (16.3%) $1,330,888 (28.5%) 1.48 910
2021-01-01 $499,000 (12.3%) $1,325,019 (24.3%) 1.49 832
2021-02-01 $488,750 (9.3%) $1,356,891 (24.9%) 1.42 662
2021-03-01 $490,000 (13.7%) $1,453,456 (36.4%) 1.39 557
2021-04-01 $476,000 (13.4%) $1,344,306 (35.2%) 1.29 525
2021-05-01 $540,000 (20.3%) $1,232,227 (20.6%) 1.43 464
2021-06-01 $563,875 (22.2%) $1,305,742 (25.0%) 1.48 444
2021-07-01 $549,500 (19.9%) $1,297,349 (18.4%) 1.45 411
2021-08-01 $550,000 (22.3%) $1,227,367 (9.6%) 1.47 436
2021-09-01 $577,500 (17.6%) $1,163,722 (-4.3%) 1.54 494
2021-10-01 $549,000 (10.0%) $1,226,055 (-5.3%) 1.46 492
2021-11-01 $525,000 (5.2%) $1,368,781 (6.6%) 1.40 487
2021-12-01 $538,000 (7.8%) $1,335,776 (0.4%) 1.46 468
2022-01-01 $527,000 (5.6%) $1,485,071 (12.1%) 1.42 453
2022-02-01 $517,500 (5.9%) $1,444,549 (6.5%) 1.35 453
2022-03-01 $512,875 (4.7%) $1,418,551 (-2.4%) 1.28 455
2022-04-01 $515,000 (8.2%) $1,370,457 (2.0%) 1.23 444
2022-05-01 $564,500 (4.5%) $1,336,610 (8.5%) 1.29 497
2022-06-01 $627,000 (11.2%) $1,277,921 (-2.1%) 1.40 571
2022-07-01 $649,000 (18.1%) $1,225,441 (-5.5%) 1.46 684
2022-08-01 $640,750 (16.5%) $1,217,395 (-0.8%) 1.48 702
2022-09-01 $625,000 (8.2%) $1,189,718 (2.2%) 1.46 680
2022-10-01 $599,950 (9.3%) $1,177,805 (-3.9%) 1.41 727
2022-11-01 $605,500 (15.3%) $1,160,231 (-15.2%) 1.46 758
2022-12-01 $599,000 (11.3%) $1,162,843 (-13.0%) 1.48 778
2023-01-01 $630,000 (19.5%) $1,329,581 (-10.5%) 1.56 750
2023-02-01 $599,250 (15.8%) $1,305,048 (-9.7%) 1.45 747
2023-03-01 $628,000 (22.5%) $1,388,714 (-2.1%) 1.48 707
2023-04-01 $645,000 (25.2%) $1,409,083 (2.8%) 1.50 661
2023-05-01 $616,972 (9.3%) $1,377,894 (3.1%) 1.40 638
2023-06-01 $610,625 (-2.6%) $1,424,037 (11.4%) 1.37 658
2023-07-01 $598,000 (-7.9%) $1,355,545 (10.6%) 1.36 690
2023-08-01 $583,250 (-9.0%) $1,363,697 (12.0%) 1.34 677
2023-09-01 $595,000 (-4.8%) $1,369,956 (15.2%) 1.39 693
2023-10-01 $620,000 (3.3%) $1,390,206 (18.0%) 1.46 717
2023-11-01 $646,925 (6.8%) $1,400,273 (20.7%) 1.54 780
2023-12-01 $645,000 (7.7%) $1,410,416 (21.3%) 1.57 818
2024-01-01 $645,250 (2.4%) $1,329,859 (0.0%) 1.58 846
2024-02-01 $633,250 (5.7%) $1,297,565 (-0.6%) 1.52 880
2024-03-01 $645,000 (2.7%) $1,346,637 (-3.0%) 1.52 868
2024-04-01 $647,750 (0.4%) $1,444,540 (2.5%) 1.51 886
2024-05-01 $651,750 (5.6%) $1,418,292 (2.9%) 1.47 884
2024-06-01 $641,000 (5.0%) $1,432,869 (0.6%) 1.44 942
2024-07-01 $633,500 (5.9%) $1,405,452 (3.7%) 1.45 1,015
2024-08-01 $650,000 (11.4%) $1,399,803 (2.7%) 1.51 1,044
2024-09-01 $654,750 (10.0%) $1,315,641 (-4.0%) 0.00 1,031
Hilo's median listing price for 2024-09-01 was $654,750, a difference of $59,750 (10.0%) versus the prior year and $4,750 versus the prior month.

Hilo's median listing price comes in at 0% of the national average.

Hilo's average listing price for 2024-09-01 was $1,315,641, a difference of $-54,315 (-4.0%) versus the prior year and $-84,162 versus the prior month.

For the 2024-09-01 period, Hilo had 1,031 MLS listings, a difference of -13 listings (-1%) versus the prior month and 338 listings (49%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Hilo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 91 days 1,565 sqft
2018-02-01 88 days 1,551 sqft
2018-03-01 88 days 1,543 sqft
2018-04-01 87 days 1,556 sqft
2018-05-01 90 days 1,549 sqft
2018-06-01 91 days 1,568 sqft
2018-07-01 94 days 1,578 sqft
2018-08-01 94 days 1,566 sqft
2018-09-01 92 days 1,564 sqft
2018-10-01 93 days 1,546 sqft
2018-11-01 86 days 1,551 sqft
2018-12-01 85 days 1,568 sqft
2019-01-01 83 days 1,573 sqft
2019-02-01 82 days 1,586 sqft
2019-03-01 84 days 1,587 sqft
2019-04-01 86 days 1,585 sqft
2019-05-01 92 days 1,584 sqft
2019-06-01 94 days 1,564 sqft
2019-07-01 96 days 1,559 sqft
2019-08-01 101 days 1,556 sqft
2019-09-01 101 days 1,545 sqft
2019-10-01 101 days 1,543 sqft
2019-11-01 96 days 1,540 sqft
2019-12-01 96 days 1,520 sqft
2020-01-01 96 days 1,515 sqft
2020-02-01 93 days 1,540 sqft
2020-03-01 88 days 1,505 sqft
2020-04-01 90 days 1,462 sqft
2020-05-01 98 days 1,488 sqft
2020-06-01 105 days 1,501 sqft
2020-07-01 105 days 1,530 sqft
2020-08-01 84 days 1,516 sqft
2020-09-01 78 days 1,507 sqft
2020-10-01 78 days 1,509 sqft
2020-11-01 76 days 1,471 sqft
2020-12-01 75 days 1,469 sqft
2021-01-01 81 days 1,486 sqft
2021-02-01 82 days 1,488 sqft
2021-03-01 61 days 1,515 sqft
2021-04-01 52 days 1,476 sqft
2021-05-01 50 days 1,524 sqft
2021-06-01 48 days 1,525 sqft
2021-07-01 52 days 1,496 sqft
2021-08-01 46 days 1,441 sqft
2021-09-01 43 days 1,500 sqft
2021-10-01 47 days 1,440 sqft
2021-11-01 56 days 1,450 sqft
2021-12-01 56 days 1,439 sqft
2022-01-01 53 days 1,451 sqft
2022-02-01 52 days 1,407 sqft
2022-03-01 45 days 1,390 sqft
2022-04-01 46 days 1,418 sqft
2022-05-01 44 days 1,417 sqft
2022-06-01 47 days 1,427 sqft
2022-07-01 48 days 1,461 sqft
2022-08-01 58 days 1,486 sqft
2022-09-01 68 days 1,459 sqft
2022-10-01 71 days 1,457 sqft
2022-11-01 72 days 1,462 sqft
2022-12-01 76 days 1,430 sqft
2023-01-01 82 days 1,457 sqft
2023-02-01 80 days 1,443 sqft
2023-03-01 83 days 1,452 sqft
2023-04-01 78 days 1,476 sqft
2023-05-01 69 days 1,452 sqft
2023-06-01 70 days 1,495 sqft
2023-07-01 67 days 1,440 sqft
2023-08-01 76 days 1,424 sqft
2023-09-01 78 days 1,439 sqft
2023-10-01 71 days 1,510 sqft
2023-11-01 74 days 1,508 sqft
2023-12-01 75 days 1,520 sqft
2024-01-01 77 days 1,500 sqft
2024-02-01 74 days 1,456 sqft
2024-03-01 79 days 1,448 sqft
2024-04-01 78 days 1,463 sqft
2024-05-01 77 days 1,500 sqft
2024-06-01 75 days 1,447 sqft
2024-07-01 79 days 1,443 sqft
2024-08-01 83 days 1,431 sqft
2024-09-01 0 days 1,419 sqft
Hilo's median listing age (time on market) for 2024-09-01 was 0 days. This is -100% shorter than the same period one year ago.

Hilo's median square footage for active listings during the 2024-09-01 period was 1,419 sqft. One year prior, the average listing was 1,439 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).