Urban Honolulu FHA Loan Rates, Closing Costs & Stats

URBAN HONOLULU, 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.

    Urban Honolulu's 42 lenders originated 324 FHA loans during 2023. The total origination value was $276,570,000, with an average FHA loan value of $853,611.

    Urban Honolulu FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Urban Honolulu averaged 6.17% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Urban Honolulu's average FHA mortgage closing costs are $16,065.

    The average rate for the prior week (2024-11-01) was 6.25% and one month ago for the week of 2024-10-04, the average rate was 5.47%.

    The average rate one year ago was 7.01%.

    For refis of the same type during the week of 2024-11-08, the average rate was 5.19%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 31 6.08% $21,750
    QUICKEN LOANS, LLC 27 5.84% $25,230
    FREEDOM MORTGAGE CORPORATION 21 6.51% $22,423
    LOANDEPOT.COM, LLC 18 6.24% $29,218
    Bank of Hawaii 14 5.86% $13,831
    SECURITYNATIONAL MORTGAGE COMPANY 13 6.10% $34,058
    HighTechLending Inc 11 6.47% $27,672
    V.I.P. MORTGAGE, INC. 10 6.12% $20,515
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.86% $23,240
    Century Mortgage Company DBA Century Lending Company 8 5.98% $25,819
    Ameris Bank 7 5.82% $22,009
    CMG MORTGAGE, INC. 7 6.87% $20,394
    ACADEMY MORTGAGE CORPORATION 7 6.45% $19,842
    HomeStreet Bank 6 5.88% $18,077
    CROSSCOUNTRY MORTGAGE, LLC 6 6.69% $30,588
    NEWREZ LLC 6 6.29% $17,618
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 5.63% $21,608
    Carrington Mortgage Services, LLC 4 5.94% $30,592
    PLAZA HOME MORTGAGE, INC. 4 6.44% $29,100
    GUARANTEED RATE, INC. 4 6.50% $30,334
    GUILD MORTGAGE COMPANY 4 6.44% $25,097
    Paramount Residential Mortgage Group, Inc. 4 6.56% $17,032
    MANN FINANCIAL INC. 4 6.28% $13,616
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.25% $33,329
    AMERICAN FINANCIAL NETWORK, INC. 3 7.08% $27,478
    DHI MORTGAGE COMPANY, LTD. 3 5.42% $18,402
    Equity Prime Mortgage LLC 3 6.88% $21,569
    OCMBC, INC. 3 7.38% $25,695
    Plains Commerce Bank 3 6.29% $17,993
    The Federal Savings Bank 2 5.44% $37,762
    American Mortgage & Equity Consultants, Inc. 2 7.19% $12,134
    PENNYMAC LOAN SERVICES, LLC 2 6.38% $29,144
    CANOPY MORTGAGE, LLC 2 7.44% $20,199
    GUARANTEED RATE AFFINITY, LLC 1 6.88% $12,510
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.38% $27,071
    DAS Acquisition Company, LLC 1 6.13% $9,675
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.50% $11,543
    Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $45,170
    MID AMERICA MORTGAGE, INC. 1 6.38% $7,721
    VILLAGE CAPITAL MORTGAGE 1 6.38% $28,302
    CARDINAL FINANCIAL 1 5.75% $13,191
    CASTLE & COOKE MORTGAGE, LLC 1 6.75% $22,604

    The top Urban Honolulu FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 31 FHA loans originated. Their average total fees are $21,750, which is $3,480 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Urban Honolulu FHA lenders (with over 10 loans originated) are Bank of Hawaii ($13,831), V.I.P. MORTGAGE, INC. ($20,515), UNITED WHOLESALE MORTGAGE, LLC ($21,750), FREEDOM MORTGAGE CORPORATION ($22,423) and QUICKEN LOANS, LLC ($25,230).

    The lowest rate Urban Honolulu FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.84%), Bank of Hawaii (5.86%), UNITED WHOLESALE MORTGAGE, LLC (6.08%), SECURITYNATIONAL MORTGAGE COMPANY (6.10%) and V.I.P. MORTGAGE, INC. (6.12%).

    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

    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).