Hilo FHA Loan Rates, Closing Costs & Stats

Hilo, HI

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    • 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 6.99% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.78% and one month ago for the week of 2024-03-15, the average rate was 6.65%.

    The average rate one year ago was 6.18%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.12%.

    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
    Hilo's median listing price for 2024-03-01 was $645,000, a difference of $17,000 (2.7%) versus the prior year and $11,750 versus the prior month.

    Hilo's median listing price comes in at 152% of the national average.

    Hilo's average listing price for 2024-03-01 was $1,346,637, a difference of $-42,077 (-3.0%) versus the prior year and $49,072 versus the prior month.

    For the 2024-03-01 period, Hilo had 868 MLS listings, a difference of -12 listings (-1%) versus the prior month and 161 listings (23%) 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 1,462 sqft
    2024-03-01 79 days 1,448 sqft
    Hilo's median listing age (time on market) for 2024-03-01 was 79 days. This is -5% shorter than the same period one year ago.

    Hilo's median square footage for active listings during the 2024-03-01 period was 1,448 sqft. One year prior, the average listing was 1,452 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).