Urban Honolulu FHA Loans

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 53 lenders originated 771 FHA loans during 2021. The total origination value was $341,095,000, with an average FHA loan value of $442,406.

    Urban Honolulu FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Urban Honolulu averaged 4.98% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.21% and one month ago for the week of 2022-04-08, the average rate was 4.47%.

    The average rate one year ago was 2.98%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.99%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Urban Honolulu level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    FREEDOM MORTGAGE CORPORATION 61 2.56% $15,275
    HomeStreet Bank 60 2.38% $11,865
    MID AMERICA MORTGAGE, INC. 46 2.60% $3,440
    Bank of Hawaii 45 2.65% $12,549
    HighTechLending Inc 40 2.66% $18,071
    GUILD MORTGAGE COMPANY 39 2.73% $15,651
    DHI MORTGAGE COMPANY, LTD. 28 2.78% $13,777
    QUICKEN LOANS, LLC 27 2.57% $13,646
    LOANDEPOT.COM, LLC 26 2.62% $15,808
    HOMEBRIDGE FINANCIAL SERVICES, INC. 22 2.64% $13,392
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 19 2.74% $20,068
    MANN FINANCIAL INC. 18 2.87% $18,199
    PENNYMAC LOAN SERVICES, LLC 15 2.78% $11,570
    HOME POINT FINANCIAL CORPORATION 13 2.59% $13,243
    Mr. Cooper ( Nationstar Mortgage ) 13 2.76% $10,564
    CALIBER HOME LOANS, INC. 11 2.68% $14,096
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 2.59% $15,402
    SECURITYNATIONAL MORTGAGE COMPANY 10 3.00% $21,554
    CMG MORTGAGE, INC. 9 2.99% $17,132
    ACADEMY MORTGAGE CORPORATION 9 2.74% $14,888
    Carrington Mortgage Services, LLC 9 3.18% $15,292
    AMERICAN FINANCING CORPORATION 8 2.52% $14,909
    UNITED WHOLESALE MORTGAGE, LLC 7 2.55% $19,963
    CROSSCOUNTRY MORTGAGE, LLC 6 2.96% $18,093
    Paramount Residential Mortgage Group, Inc. 6 3.06% $15,277
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 2.88% $25,202
    GUARANTEED RATE, INC. 6 2.94% $15,520
    SUN WEST MORTGAGE COMPANY, INC. 4 2.84% $21,921
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.31% $16,281
    Ameris Bank 4 2.63% $15,481
    AMERISAVE MORTGAGE CORPORATION 4 2.75% $13,088
    Nations Lending Corporation 4 3.19% $31,713
    CELEBRITY HOME LOANS, LLC 4 2.87% $20,349
    AMERICAN FINANCIAL NETWORK, INC. 3 2.71% $16,354
    V.I.P. MORTGAGE, INC. 2 2.38% $27,360
    AXIA FINANCIAL, LLC 2 2.56% $16,737
    COMPASS HOME LOANS, LLC 2 2.75% $18,748
    Flagstar Bank, FSB 2 2.69% $9,206
    The Federal Savings Bank 2 2.69% $19,921
    MLD MORTGAGE INC. 1 2.25% $14,073
    MASON MCDUFFIE MORTGAGE CORPORATION 1 3.13% $20,957
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 2.88% $26,446
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.00% $14,734
    LAND HOME FINANCIAL SERVICES, INC. 1 3.50% $10,152
    INTERNATIONAL CITY MORTGAGE, INC. 1 2.75% $19,957
    Home Mortgage Alliance Corp 1 2.75% $14,824
    STEARNS LENDING, LLC 1 2.99% $12,769
    SUMMIT FUNDING, INC. 1 2.75% $18,083
    Sunflower Bank 1 2.99% $19,909
    First Federal Bank 1 2.75% $16,806
    CLEARPATH LENDING 1 2.75% $10,797
    FINANCE OF AMERICA MORTGAGE LLC 1 2.63% $16,413
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.88% $15,736

    The top Urban Honolulu FHA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with 61 FHA loans originated. Their average total fees are $15,275, which is $3,410 higher than the next largest lender, HomeStreet Bank.

    The lowest fee Urban Honolulu FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($3,440), Mr. Cooper ( Nationstar Mortgage ) ($10,564), PENNYMAC LOAN SERVICES, LLC ($11,570), HomeStreet Bank ($11,865) and Bank of Hawaii ($12,549).

    The lowest rate Urban Honolulu FHA lenders (with over 10 loans originated) are HomeStreet Bank (2.38%), FREEDOM MORTGAGE CORPORATION (2.56%), QUICKEN LOANS, LLC (2.57%), HOME POINT FINANCIAL CORPORATION (2.59%) and AMERICAN PACIFIC MORTGAGE CORPORATION (2.59%).

    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

    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 (-5.2%) $1,327,936 (-3.8%) 2.57 2,203
    2018-02-01 $692,000 (-3.2%) $1,295,750 (-5.0%) 2.50 2,271
    2018-03-01 $689,900 (-1.0%) $1,249,314 (-6.9%) 2.39 2,357
    2018-04-01 $692,500 (-2.5%) $1,230,491 (-6.5%) 2.32 2,460
    2018-05-01 $692,000 (-4.2%) $1,223,174 (-7.2%) 2.31 2,510
    2018-06-01 $695,000 (-2.8%) $1,160,197 (-10.6%) 2.32 2,628
    2018-07-01 $689,500 (-1.4%) $1,148,505 (-9.8%) 2.30 2,768
    2018-08-01 $699,000 (0.0%) $1,151,124 (-10.0%) 2.34 2,781
    2018-09-01 $699,000 (0.6%) $1,182,673 (-6.4%) 2.34 2,810
    2018-10-01 $692,500 (0.4%) $1,164,525 (-7.0%) 2.32 2,853
    2018-11-01 $698,500 (1.2%) $1,152,131 (-8.5%) 2.34 2,956
    2018-12-01 $699,000 (0.0%) $1,162,450 (-11.0%) 2.39 2,946
    2019-01-01 $699,000 (0.0%) $1,153,588 (-13.1%) 2.41 2,996
    2019-02-01 $699,000 (1.0%) $1,130,158 (-12.8%) 2.34 3,124
    2019-03-01 $699,000 (1.3%) $1,144,875 (-8.4%) 2.28 3,111
    2019-04-01 $699,000 (0.9%) $1,162,474 (-5.5%) 2.20 3,050
    2019-05-01 $698,000 (0.9%) $1,158,836 (-5.3%) 2.15 3,024
    2019-06-01 $699,000 (0.6%) $1,150,769 (-0.8%) 2.15 3,018
    2019-07-01 $698,000 (1.2%) $1,145,087 (-0.3%) 2.17 3,138
    2019-08-01 $694,143 (-0.7%) $1,148,944 (-0.2%) 2.18 3,101
    2019-09-01 $688,944 (-1.4%) $1,151,527 (-2.6%) 2.19 3,092
    2019-10-01 $677,500 (-2.2%) $1,158,452 (-0.5%) 2.16 3,144
    2019-11-01 $668,000 (-4.4%) $1,161,736 (0.8%) 2.16 3,066
    2019-12-01 $662,500 (-5.2%) $1,186,230 (2.1%) 2.21 2,888
    2020-01-01 $649,404 (-7.1%) $1,168,245 (1.3%) 2.17 2,745
    2020-02-01 $635,808 (-9.0%) $1,142,519 (1.1%) 2.05 2,800
    2020-03-01 $625,000 (-10.6%) $1,135,749 (-0.8%) 1.95 2,858
    2020-04-01 $609,000 (-12.9%) $1,110,991 (-4.4%) 1.90 2,849
    2020-05-01 $610,000 (-12.6%) $1,093,641 (-5.6%) 1.85 2,836
    2020-06-01 $629,000 (-10.0%) $1,109,028 (-3.6%) 1.84 2,795
    2020-07-01 $622,500 (-10.8%) $1,134,619 (-0.9%) 1.78 2,598
    2020-08-01 $605,000 (-12.8%) $1,135,838 (-1.1%) 1.73 2,584
    2020-09-01 $598,500 (-13.1%) $1,134,794 (-1.5%) 1.71 2,471
    2020-10-01 $598,000 (-11.7%) $1,161,782 (0.3%) 1.71 2,444
    2020-11-01 $599,250 (-10.3%) $1,177,701 (1.4%) 1.72 2,381
    2020-12-01 $582,500 (-12.1%) $1,196,601 (0.9%) 1.71 2,493
    2021-01-01 $570,000 (-12.2%) $1,217,076 (4.2%) 1.68 2,480
    2021-02-01 $549,500 (-13.6%) $1,249,220 (9.3%) 1.58 1,908
    2021-03-01 $572,000 (-8.5%) $1,273,383 (12.1%) 1.60 1,820
    2021-04-01 $597,000 (-2.0%) $1,306,664 (17.6%) 1.60 1,748
    2021-05-01 $625,000 (2.5%) $1,430,043 (30.8%) 1.65 1,584
    2021-06-01 $675,000 (7.3%) $1,419,129 (28.0%) 1.75 1,570
    2021-07-01 $687,500 (10.4%) $1,405,892 (23.9%) 1.79 1,578
    2021-08-01 $697,000 (15.2%) $1,120,400 (-1.4%) 1.83 3,199
    2021-09-01 $699,000 (16.8%) $1,122,256 (-1.1%) 1.84 3,178
    2021-10-01 $699,000 (16.9%) $1,112,364 (-4.3%) 1.84 3,182
    2021-11-01 $709,500 (18.4%) $1,395,737 (18.5%) 1.87 1,578
    2021-12-01 $692,000 (18.8%) $1,404,101 (17.3%) 1.85 1,498
    2022-01-01 $685,000 (20.2%) $1,385,208 (13.8%) 1.83 1,396
    2022-02-01 $691,500 (25.8%) $1,348,366 (7.9%) 1.76 1,428
    2022-03-01 $720,000 (25.9%) $1,373,683 (7.9%) 1.78 1,368
    2022-04-01 $770,000 (29.0%) $1,402,464 (7.3%) 1.81 1,368
    Urban Honolulu's median listing price for 2022-04-01 was $770,000, a difference of $173,000 (29.0%) versus the prior year and $50,000 versus the prior month.

    Urban Honolulu's median listing price comes in at 181% of the national average.

    Urban Honolulu's average listing price for 2022-04-01 was $1,402,464, a difference of $95,800 (7.3%) versus the prior year and $28,781 versus the prior month.

    For the 2022-04-01 period, Urban Honolulu had 1,368 MLS listings, a difference of 0 listings (0%) versus the prior month and -380 listings (-22%) 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 67 days 1,253 sqft
    2018-02-01 54 days 1,248 sqft
    2018-03-01 51 days 1,242 sqft
    2018-04-01 52 days 1,262 sqft
    2018-05-01 54 days 1,262 sqft
    2018-06-01 55 days 1,271 sqft
    2018-07-01 56 days 1,274 sqft
    2018-08-01 58 days 1,294 sqft
    2018-09-01 61 days 1,280 sqft
    2018-10-01 65 days 1,269 sqft
    2018-11-01 65 days 1,269 sqft
    2018-12-01 71 days 1,243 sqft
    2019-01-01 67 days 1,230 sqft
    2019-02-01 61 days 1,215 sqft
    2019-03-01 58 days 1,224 sqft
    2019-04-01 58 days 1,235 sqft
    2019-05-01 57 days 1,255 sqft
    2019-06-01 56 days 1,243 sqft
    2019-07-01 56 days 1,227 sqft
    2019-08-01 59 days 1,211 sqft
    2019-09-01 62 days 1,189 sqft
    2019-10-01 64 days 1,175 sqft
    2019-11-01 67 days 1,149 sqft
    2019-12-01 75 days 1,144 sqft
    2020-01-01 78 days 1,113 sqft
    2020-02-01 71 days 1,101 sqft
    2020-03-01 60 days 1,098 sqft
    2020-04-01 70 days 1,057 sqft
    2020-05-01 84 days 1,043 sqft
    2020-06-01 93 days 1,031 sqft
    2020-07-01 88 days 1,003 sqft
    2020-08-01 80 days 983 sqft
    2020-09-01 79 days 959 sqft
    2020-10-01 78 days 978 sqft
    2020-11-01 84 days 966 sqft
    2020-12-01 89 days 966 sqft
    2021-01-01 106 days 938 sqft
    2021-02-01 83 days 895 sqft
    2021-03-01 67 days 898 sqft
    2021-04-01 66 days 933 sqft
    2021-05-01 63 days 984 sqft
    2021-06-01 51 days 1,021 sqft
    2021-07-01 48 days 1,037 sqft
    2021-08-01 47 days 1,145 sqft
    2021-09-01 45 days 1,146 sqft
    2021-10-01 45 days 1,126 sqft
    2021-11-01 47 days 1,000 sqft
    2021-12-01 56 days 949 sqft
    2022-01-01 64 days 927 sqft
    2022-02-01 53 days 938 sqft
    2022-03-01 48 days 972 sqft
    2022-04-01 49 days 1,039 sqft
    Urban Honolulu's median listing age (time on market) for 2022-04-01 was 49 days. This is -26% shorter than the same period one year ago.

    Urban Honolulu's median square footage for active listings during the 2022-04-01 period was 1,039 sqft. One year prior, the average listing was 933 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).