Urban Honolulu FHA Loan Rates, Closing Costs & Stats

URBAN HONOLULU, 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.

Urban Honolulu's 42 lenders originated 457 FHA loans during 2022. The total origination value was $210,465,000, with an average FHA loan value of $460,536.

Urban Honolulu FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Urban Honolulu averaged -0.71% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

Urban Honolulu's average FHA mortgage closing costs are $15,346.

The average rate for the prior week (2023-05-26) was 5.72% and one month ago for the week of 2023-04-28, the average rate was 5.57%.

The average rate one year ago was 4.23%.

For refis of the same type during the week of 2023-06-02, the average rate was -2.51%.

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

Urban Honolulu 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 Urban Honolulu level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
DHI MORTGAGE COMPANY, LTD. 44 4.02% $14,428
HomeStreet Bank 30 3.94% $16,244
LOANDEPOT.COM, LLC 29 3.67% $19,394
HighTechLending Inc 23 4.13% $24,547
SECURITYNATIONAL MORTGAGE COMPANY 19 4.72% $29,183
QUICKEN LOANS, LLC 17 3.89% $21,447
FREEDOM MORTGAGE CORPORATION 17 4.28% $15,914
Bank of Hawaii 14 3.88% $16,310
MANN FINANCIAL INC. 14 3.74% $15,312
HOME POINT FINANCIAL CORPORATION 13 4.03% $16,088
UNITED WHOLESALE MORTGAGE, LLC 10 4.83% $20,582
MID AMERICA MORTGAGE, INC. 9 3.25% $4,398
HOMEBRIDGE FINANCIAL SERVICES, INC. 9 4.83% $18,496
PENNYMAC LOAN SERVICES, LLC 7 3.38% $12,623
AMERICAN FINANCING CORPORATION 7 4.29% $20,118
CALIBER HOME LOANS, INC. 7 4.53% $13,478
GUILD MORTGAGE COMPANY 6 3.94% $21,004
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 5.72% $21,792
V.I.P. MORTGAGE, INC. 4 5.13% $25,194
Mr. Cooper ( Nationstar Mortgage ) 4 3.69% $15,371
Pacific Lending LLC 4 4.69% $17,404
ACADEMY MORTGAGE CORPORATION 4 5.25% $16,011
FINANCE OF AMERICA MORTGAGE LLC 3 4.25% $15,116
GUARANTEED RATE, INC. 3 3.88% $13,277
PLAZA HOME MORTGAGE, INC. 3 4.71% $26,610
AMERISAVE MORTGAGE CORPORATION 3 4.04% $22,432
Carrington Mortgage Services, LLC 3 4.88% $29,258
Ameris Bank 3 3.67% $15,583
ROUNDPOINT MORTGAGE SERVICING CORPORATION 3 3.79% $27,646
PREMIER MORTGAGE RESOURCES, L.L.C. 2 4.06% $22,865
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.94% $19,338
CMG MORTGAGE, INC. 2 3.87% $21,130
CARDINAL FINANCIAL 2 3.63% $28,544
The Federal Savings Bank 2 4.13% $21,154
Nations Lending Corporation 2 5.38% $44,170
AMERICAN PACIFIC MORTGAGE CORPORATION 2 4.94% $19,176
Paramount Residential Mortgage Group, Inc. 2 4.63% $18,620
Plains Commerce Bank 2 6.00% $14,849
Equity Prime Mortgage LLC 2 7.13% $22,795
CASTLE & COOKE MORTGAGE, LLC 1 6.75% $25,111
CROSSCOUNTRY MORTGAGE, LLC 1 5.63% $22,215
Armed Forces Bank 1 4.75% $21,087

The top Urban Honolulu FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 44 FHA loans originated. Their average total fees are $14,428, which is $1,816 lower than the next largest lender, HomeStreet Bank.

The lowest fee Urban Honolulu FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($14,428), MANN FINANCIAL INC. ($15,312), FREEDOM MORTGAGE CORPORATION ($15,914), HOME POINT FINANCIAL CORPORATION ($16,088) and HomeStreet Bank ($16,244).

The lowest rate Urban Honolulu FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (3.67%), MANN FINANCIAL INC. (3.74%), Bank of Hawaii (3.88%), QUICKEN LOANS, LLC (3.89%) and HomeStreet Bank (3.94%).

Urban Honolulu FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
URBAN HONOLULU, HI HONOLULU 2022 $747,500 $956,950 $1,156,700 $1,437,500
URBAN HONOLULU, HI HONOLULU 2023 $770,500 $986,400 $1,192,300 $1,481,750

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Urban Honolulu (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 $699,000 (-4.9%) $1,331,140 (-3.0%) 2.59 2,191
2018-02-01 $695,000 (-2.6%) $1,301,012 (-4.2%) 2.53 2,259
2018-03-01 $695,000 (-0.2%) $1,252,690 (-6.2%) 2.44 2,343
2018-04-01 $694,950 (-1.0%) $1,229,995 (-6.2%) 2.36 2,450
2018-05-01 $689,500 (-4.6%) $1,221,354 (-7.5%) 2.30 2,497
2018-06-01 $695,000 (-2.7%) $1,159,032 (-10.4%) 2.32 2,602
2018-07-01 $689,500 (-1.4%) $1,141,169 (-10.5%) 2.30 2,742
2018-08-01 $699,000 (0.0%) $1,144,922 (-10.4%) 2.34 2,752
2018-09-01 $699,000 (0.6%) $1,169,457 (-7.4%) 2.35 2,772
2018-10-01 $690,000 (-0.3%) $1,153,078 (-7.7%) 2.34 2,815
2018-11-01 $697,500 (1.1%) $1,144,212 (-9.2%) 2.36 2,915
2018-12-01 $699,000 (0.0%) $1,156,058 (-11.7%) 2.41 2,906
2019-01-01 $699,000 (0.0%) $1,150,847 (-13.5%) 2.41 2,959
2019-02-01 $698,450 (0.5%) $1,129,548 (-13.2%) 2.36 3,075
2019-03-01 $699,157 (0.6%) $1,144,800 (-8.6%) 2.29 3,073
2019-04-01 $699,207 (0.6%) $1,163,905 (-5.4%) 2.22 3,026
2019-05-01 $698,500 (1.3%) $1,154,917 (-5.4%) 2.18 2,994
2019-06-01 $698,000 (0.4%) $1,148,954 (-0.9%) 2.18 2,994
2019-07-01 $698,000 (1.2%) $1,151,354 (0.9%) 2.19 3,110
2019-08-01 $693,091 (-0.9%) $1,157,719 (1.1%) 2.20 3,102
2019-09-01 $685,727 (-1.9%) $1,161,232 (-0.7%) 2.19 3,111
2019-10-01 $679,500 (-1.5%) $1,163,574 (0.9%) 2.19 3,110
2019-11-01 $668,000 (-4.2%) $1,156,659 (1.1%) 2.19 3,027
2019-12-01 $662,500 (-5.2%) $1,185,495 (2.6%) 2.21 2,858
2020-01-01 $649,404 (-7.1%) $1,167,754 (1.5%) 2.17 2,721
2020-02-01 $635,808 (-9.0%) $1,142,658 (1.2%) 2.08 2,776
2020-03-01 $625,000 (-10.6%) $1,135,601 (-0.8%) 1.96 2,836
2020-04-01 $602,750 (-13.8%) $1,108,765 (-4.7%) 1.89 2,828
2020-05-01 $609,000 (-12.8%) $1,086,301 (-5.9%) 1.85 2,824
2020-06-01 $628,250 (-10.0%) $1,102,788 (-4.0%) 1.85 2,791
2020-07-01 $620,000 (-11.2%) $1,125,921 (-2.2%) 1.80 2,588
2020-08-01 $600,000 (-13.4%) $1,134,609 (-2.0%) 1.72 2,576
2020-09-01 $598,250 (-12.8%) $1,126,095 (-3.0%) 1.71 2,456
2020-10-01 $595,000 (-12.4%) $1,155,865 (-0.7%) 1.70 2,431
2020-11-01 $597,000 (-10.6%) $1,171,735 (1.3%) 1.75 2,365
2020-12-01 $580,000 (-12.5%) $1,188,488 (0.3%) 1.73 2,435
2021-01-01 $570,000 (-12.2%) $1,219,717 (4.5%) 1.70 2,365
2021-02-01 $546,500 (-14.1%) $1,235,584 (8.1%) 1.59 1,897
2021-03-01 $571,250 (-8.6%) $1,265,057 (11.4%) 1.62 1,813
2021-04-01 $598,250 (-0.8%) $1,294,221 (16.7%) 1.62 1,739
2021-05-01 $625,000 (2.6%) $1,413,534 (30.1%) 1.66 1,580
2021-06-01 $673,750 (7.2%) $1,409,787 (27.8%) 1.77 1,569
2021-07-01 $697,000 (12.4%) $1,423,141 (26.4%) 1.84 1,566
2021-08-01 $712,500 (18.8%) $1,467,463 (29.3%) 1.90 1,471
2021-09-01 $716,500 (19.8%) $1,443,377 (28.2%) 1.91 1,512
2021-10-01 $715,000 (20.2%) $1,383,235 (19.7%) 1.91 1,573
2021-11-01 $710,000 (18.9%) $1,389,290 (18.6%) 1.90 1,568
2021-12-01 $696,500 (20.1%) $1,400,181 (17.8%) 1.89 1,485
2022-01-01 $689,000 (20.9%) $1,393,389 (14.2%) 1.86 1,388
2022-02-01 $692,750 (26.8%) $1,349,824 (9.3%) 1.80 1,427
2022-03-01 $726,500 (27.2%) $1,375,156 (8.7%) 1.82 1,366
2022-04-01 $775,000 (29.5%) $1,405,561 (8.6%) 1.85 1,372
2022-05-01 $809,000 (29.4%) $1,425,422 (0.8%) 1.85 1,471
2022-06-01 $841,750 (24.9%) $1,414,040 (0.3%) 1.87 1,529
2022-07-01 $850,000 (22.0%) $1,408,410 (-1.0%) 1.91 1,687
2022-08-01 $850,000 (19.3%) $1,395,229 (-4.9%) 1.97 1,755
2022-09-01 $838,250 (17.0%) $1,382,291 (-4.2%) 1.96 1,779
2022-10-01 $830,000 (16.1%) $1,332,210 (-3.7%) 1.95 1,936
2022-11-01 $822,325 (15.8%) $1,317,651 (-5.2%) 1.98 2,041
2022-12-01 $819,750 (17.7%) $1,330,017 (-5.0%) 2.02 2,044
2023-01-01 $814,000 (18.1%) $1,335,491 (-4.2%) 2.02 2,129
2023-02-01 $782,500 (13.0%) $1,254,280 (-7.1%) 1.89 2,452
2023-03-01 $789,500 (8.7%) $1,234,557 (-10.2%) 1.86 2,513
2023-04-01 $799,900 (3.2%) $1,371,056 (-2.5%) 1.86 1,805
2023-05-01 $811,500 (0.3%) $1,362,620 (-4.4%) 1.84 1,777
Urban Honolulu's median listing price for 2023-05-01 was $811,500, a difference of $2,500 (0.3%) versus the prior year and $11,600 versus the prior month.

Urban Honolulu's median listing price comes in at 184% of the national average.

Urban Honolulu's average listing price for 2023-05-01 was $1,362,620, a difference of $-62,802 (-4.4%) versus the prior year and $-8,436 versus the prior month.

For the 2023-05-01 period, Urban Honolulu had 1,777 MLS listings, a difference of -28 listings (-2%) versus the prior month and 306 listings (21%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Urban Honolulu (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 66 days 1,252 sqft
2018-02-01 52 days 1,249 sqft
2018-03-01 50 days 1,243 sqft
2018-04-01 51 days 1,262 sqft
2018-05-01 53 days 1,261 sqft
2018-06-01 54 days 1,269 sqft
2018-07-01 54 days 1,273 sqft
2018-08-01 56 days 1,292 sqft
2018-09-01 60 days 1,276 sqft
2018-10-01 64 days 1,264 sqft
2018-11-01 63 days 1,269 sqft
2018-12-01 67 days 1,248 sqft
2019-01-01 65 days 1,227 sqft
2019-02-01 59 days 1,210 sqft
2019-03-01 55 days 1,221 sqft
2019-04-01 57 days 1,237 sqft
2019-05-01 56 days 1,252 sqft
2019-06-01 56 days 1,243 sqft
2019-07-01 54 days 1,227 sqft
2019-08-01 57 days 1,214 sqft
2019-09-01 60 days 1,193 sqft
2019-10-01 64 days 1,175 sqft
2019-11-01 66 days 1,147 sqft
2019-12-01 74 days 1,144 sqft
2020-01-01 75 days 1,115 sqft
2020-02-01 68 days 1,104 sqft
2020-03-01 60 days 1,097 sqft
2020-04-01 71 days 1,057 sqft
2020-05-01 82 days 1,039 sqft
2020-06-01 91 days 1,028 sqft
2020-07-01 83 days 1,001 sqft
2020-08-01 75 days 983 sqft
2020-09-01 73 days 957 sqft
2020-10-01 74 days 975 sqft
2020-11-01 77 days 962 sqft
2020-12-01 85 days 954 sqft
2021-01-01 100 days 934 sqft
2021-02-01 73 days 892 sqft
2021-03-01 60 days 898 sqft
2021-04-01 59 days 931 sqft
2021-05-01 53 days 983 sqft
2021-06-01 45 days 1,016 sqft
2021-07-01 44 days 1,045 sqft
2021-08-01 45 days 1,046 sqft
2021-09-01 42 days 1,043 sqft
2021-10-01 40 days 1,031 sqft
2021-11-01 44 days 1,000 sqft
2021-12-01 52 days 950 sqft
2022-01-01 58 days 926 sqft
2022-02-01 45 days 937 sqft
2022-03-01 44 days 976 sqft
2022-04-01 42 days 1,040 sqft
2022-05-01 36 days 1,078 sqft
2022-06-01 39 days 1,134 sqft
2022-07-01 41 days 1,158 sqft
2022-08-01 46 days 1,168 sqft
2022-09-01 49 days 1,136 sqft
2022-10-01 50 days 1,140 sqft
2022-11-01 53 days 1,142 sqft
2022-12-01 64 days 1,131 sqft
2023-01-01 68 days 1,132 sqft
2023-02-01 64 days 1,123 sqft
2023-03-01 60 days 1,114 sqft
2023-04-01 64 days 1,083 sqft
2023-05-01 59 days 1,104 sqft
Urban Honolulu's median listing age (time on market) for 2023-05-01 was 59 days. This is 63% longer than the same period one year ago.

Urban Honolulu's median square footage for active listings during the 2023-05-01 period was 1,104 sqft. One year prior, the average listing was 1,078 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).