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 37 lenders originated 228 FHA loans during 2024. The total origination value was $83,620,000, with an average FHA loan value of $366,754.

    Hilo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hilo averaged 0.44% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Hilo's average FHA mortgage closing costs are $11,643.

    The average rate for the prior week (2025-06-27) was 6.92% and one month ago for the week of 2025-05-30, the average rate was 7%.

    The average rate one year ago was 6.82%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.18%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 29 6.05% $16,385
    FREEDOM MORTGAGE CORPORATION 23 6.05% $15,005
    GUILD MORTGAGE COMPANY 21 6.25% $17,030
    QUICKEN LOANS, LLC 18 6.30% $15,622
    NFM, INC. 15 6.75% $18,197
    V.I.P. MORTGAGE, INC. 13 6.56% $16,846
    AMERISAVE MORTGAGE CORPORATION 6 6.10% $21,912
    LOANDEPOT.COM, LLC 5 5.79% $17,371
    DAS Acquisition Company, LLC 5 6.68% $20,328
    PENNYMAC LOAN SERVICES, LLC 4 6.13% $16,023
    Carrington Mortgage Services, LLC 4 6.56% $26,708
    CMG MORTGAGE, INC. 4 6.06% $16,255
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.08% $10,366
    PLAZA HOME MORTGAGE, INC. 3 6.83% $15,186
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.50% $15,890
    Pacific Lending LLC 3 6.25% $19,556
    Century Mortgage Company DBA Century Lending Company 3 6.46% $12,557
    Mr. Cooper ( Nationstar Mortgage ) 2 6.75% $13,818
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.63% $23,037
    Nations Lending Corporation 2 7.00% $8,345
    NEWREZ LLC 2 6.31% $8,933
    GUARANTEED RATE, INC. 2 6.73% $16,201
    Paramount Residential Mortgage Group, Inc. 2 6.88% $12,942
    CROSSCOUNTRY MORTGAGE, LLC 2 6.81% $15,127
    Home Mortgage Alliance Corp 2 7.81% $16,673
    HomeStreet Bank 2 6.13% $16,308
    AMERICAN FINANCIAL NETWORK, INC. 2 6.38% $16,074
    ZILLOW HOME LOANS, LLC 1 6.50% $13,093
    American Savings Bank, FSB 1 6.63% $14,110
    BAY EQUITY LLC 1 5.63% $18,286
    MASON MCDUFFIE MORTGAGE CORPORATION 1 6.13% $15,704
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.63% $14,024
    OCMBC, INC. 1 6.75% $7,108
    SUN WEST MORTGAGE COMPANY, INC. 1 6.19% $16,797
    The Federal Savings Bank 1 6.38% $17,337
    U.S. Bank 1 6.63% $12,596
    ALAMEDA MORTGAGE CORPORATION 1 6.50% $20,150

    The top Hilo FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 29 FHA loans originated. Their average total fees are $16,385, which is $1,380 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

    The lowest fee Hilo FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($15,005), QUICKEN LOANS, LLC ($15,622), UNITED WHOLESALE MORTGAGE, LLC ($16,385), V.I.P. MORTGAGE, INC. ($16,846) and GUILD MORTGAGE COMPANY ($17,030).

    The lowest rate Hilo FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.05%), FREEDOM MORTGAGE CORPORATION (6.05%), GUILD MORTGAGE COMPANY (6.25%), QUICKEN LOANS, LLC (6.30%) and V.I.P. MORTGAGE, INC. (6.56%).

    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

    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).