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 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 5.55% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

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

The average rate for the prior week (2024-10-04) was 5.47% and one month ago for the week of 2024-09-06, the average rate was 5.79%.

The average rate one year ago was 6.82%.

For refis of the same type during the week of 2024-10-11, the average rate was 5.06%.

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

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%) 2.52 2,259
2018-03-01 $695,000 (-0.2%) $1,252,690 (-6.3%) 2.44 2,343
2018-04-01 $694,900 (-1.1%) $1,229,744 (-6.2%) 2.36 2,450
2018-05-01 $692,000 (-4.3%) $1,221,866 (-7.5%) 2.31 2,499
2018-06-01 $695,000 (-2.7%) $1,160,573 (-10.3%) 2.32 2,606
2018-07-01 $692,000 (-1.0%) $1,142,621 (-10.3%) 2.31 2,746
2018-08-01 $699,000 (0.0%) $1,146,306 (-10.3%) 2.34 2,755
2018-09-01 $699,000 (0.6%) $1,170,922 (-7.3%) 2.35 2,775
2018-10-01 $690,000 (-0.3%) $1,154,490 (-7.9%) 2.34 2,819
2018-11-01 $698,257 (1.0%) $1,145,622 (-9.1%) 2.37 2,919
2018-12-01 $699,000 (0.0%) $1,157,469 (-11.6%) 2.41 2,910
2019-01-01 $699,000 (0.0%) $1,152,171 (-13.4%) 2.41 2,963
2019-02-01 $699,000 (0.6%) $1,131,246 (-13.1%) 2.36 3,081
2019-03-01 $699,214 (0.6%) $1,146,333 (-8.5%) 2.29 3,079
2019-04-01 $699,214 (0.6%) $1,164,959 (-5.3%) 2.22 3,031
2019-05-01 $698,500 (0.9%) $1,155,880 (-5.4%) 2.18 2,998
2019-06-01 $698,500 (0.5%) $1,150,252 (-0.9%) 2.18 2,996
2019-07-01 $698,000 (0.9%) $1,152,606 (0.9%) 2.19 3,113
2019-08-01 $693,091 (-0.9%) $1,158,868 (1.1%) 2.19 3,106
2019-09-01 $685,727 (-1.9%) $1,162,227 (-0.7%) 2.19 3,115
2019-10-01 $679,500 (-1.5%) $1,164,467 (0.9%) 2.19 3,115
2019-11-01 $668,000 (-4.3%) $1,157,569 (1.0%) 2.19 3,032
2019-12-01 $662,500 (-5.2%) $1,186,499 (2.5%) 2.21 2,863
2020-01-01 $649,450 (-7.1%) $1,168,819 (1.4%) 2.17 2,726
2020-02-01 $638,000 (-8.7%) $1,143,925 (1.1%) 2.09 2,780
2020-03-01 $625,000 (-10.6%) $1,137,009 (-0.8%) 1.96 2,839
2020-04-01 $604,500 (-13.6%) $1,110,263 (-4.7%) 1.89 2,831
2020-05-01 $610,000 (-12.7%) $1,087,870 (-5.9%) 1.85 2,827
2020-06-01 $629,000 (-10.0%) $1,104,349 (-4.0%) 1.85 2,794
2020-07-01 $621,250 (-11.0%) $1,127,585 (-2.2%) 1.80 2,591
2020-08-01 $600,000 (-13.4%) $1,136,252 (-2.0%) 1.72 2,579
2020-09-01 $598,500 (-12.7%) $1,127,838 (-3.0%) 1.71 2,459
2020-10-01 $595,000 (-12.4%) $1,157,577 (-0.6%) 1.70 2,434
2020-11-01 $597,500 (-10.6%) $1,173,448 (1.4%) 1.75 2,368
2020-12-01 $581,750 (-12.2%) $1,190,127 (0.3%) 1.73 2,438
2021-01-01 $573,250 (-11.7%) $1,221,455 (4.5%) 1.71 2,368
2021-02-01 $547,500 (-14.2%) $1,237,714 (8.2%) 1.59 1,900
2021-03-01 $572,500 (-8.4%) $1,266,540 (11.4%) 1.62 1,815
2021-04-01 $599,000 (-0.9%) $1,295,716 (16.7%) 1.62 1,741
2021-05-01 $625,000 (2.5%) $1,415,112 (30.1%) 1.66 1,581
2021-06-01 $675,000 (7.3%) $1,411,373 (27.8%) 1.78 1,571
2021-07-01 $697,400 (12.3%) $1,424,694 (26.4%) 1.84 1,568
2021-08-01 $712,500 (18.8%) $1,468,837 (29.3%) 1.90 1,473
2021-09-01 $719,250 (20.2%) $1,444,997 (28.1%) 1.92 1,514
2021-10-01 $716,500 (20.4%) $1,384,855 (19.6%) 1.91 1,576
2021-11-01 $717,500 (20.1%) $1,390,971 (18.5%) 1.92 1,571
2021-12-01 $696,500 (19.7%) $1,401,938 (17.8%) 1.89 1,489
2022-01-01 $695,000 (21.2%) $1,395,284 (14.2%) 1.88 1,391
2022-02-01 $696,750 (27.3%) $1,351,223 (9.2%) 1.81 1,429
2022-03-01 $726,750 (26.9%) $1,376,135 (8.7%) 1.82 1,367
2022-04-01 $775,000 (29.4%) $1,405,561 (8.5%) 1.85 1,372
2022-05-01 $809,000 (29.4%) $1,425,422 (0.7%) 1.85 1,471
2022-06-01 $841,750 (24.7%) $1,414,040 (0.2%) 1.87 1,529
2022-07-01 $850,000 (21.9%) $1,408,410 (-1.1%) 1.91 1,687
2022-08-01 $850,000 (19.3%) $1,395,229 (-5.0%) 1.96 1,755
2022-09-01 $838,250 (16.6%) $1,382,291 (-4.3%) 1.96 1,779
2022-10-01 $830,000 (15.8%) $1,330,863 (-3.9%) 1.95 1,935
2022-11-01 $819,750 (14.3%) $1,316,224 (-5.4%) 1.97 2,040
2022-12-01 $819,500 (17.7%) $1,328,757 (-5.2%) 2.02 2,043
2023-01-01 $813,500 (17.1%) $1,334,268 (-4.4%) 2.02 2,128
2023-02-01 $781,250 (12.1%) $1,253,202 (-7.3%) 1.89 2,451
2023-03-01 $789,222 (8.6%) $1,233,520 (-10.4%) 1.86 2,512
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
2023-06-01 $824,018 (-2.1%) $1,393,489 (-1.5%) 1.85 1,811
2023-07-01 $827,000 (-2.7%) $1,391,699 (-1.2%) 1.88 1,840
2023-08-01 $822,500 (-3.2%) $1,379,907 (-1.1%) 1.89 1,858
2023-09-01 $820,000 (-2.2%) $1,379,356 (-0.2%) 1.91 1,862
2023-10-01 $798,750 (-3.8%) $1,361,328 (2.3%) 1.88 1,970
2023-11-01 $799,000 (-2.5%) $1,354,828 (2.9%) 1.90 2,077
2023-12-01 $795,500 (-2.9%) $1,392,029 (4.8%) 1.94 2,107
2024-01-01 $789,500 (-3.0%) $1,378,053 (3.3%) 1.93 2,054
2024-02-01 $789,750 (1.1%) $1,367,011 (9.1%) 1.90 2,074
2024-03-01 $750,000 (-5.0%) $1,327,164 (7.6%) 1.77 2,197
2024-04-01 $744,000 (-7.0%) $1,322,934 (-3.5%) 1.73 2,243
2024-05-01 $727,000 (-10.4%) $1,316,710 (-3.4%) 1.64 2,359
2024-06-01 $725,000 (-12.0%) $1,295,373 (-7.0%) 1.63 2,441
2024-07-01 $731,500 (-11.6%) $1,241,413 (-10.8%) 1.67 2,638
2024-08-01 $725,000 (-11.9%) $1,240,712 (-10.1%) 1.69 2,740
2024-09-01 $712,500 (-13.1%) $1,230,468 (-10.8%) 1.68 2,792
Urban Honolulu's median listing price for 2024-09-01 was $712,500, a difference of $-107,500 (-13.1%) versus the prior year and $-12,500 versus the prior month.

Urban Honolulu's median listing price comes in at 168% of the national average.

Urban Honolulu's average listing price for 2024-09-01 was $1,230,468, a difference of $-148,888 (-10.8%) versus the prior year and $-10,244 versus the prior month.

For the 2024-09-01 period, Urban Honolulu had 2,792 MLS listings, a difference of 52 listings (2%) versus the prior month and 930 listings (50%) 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 1,253 sqft
2018-02-01 52 days 1,250 sqft
2018-03-01 50 days 1,244 sqft
2018-04-01 51 days 1,263 sqft
2018-05-01 53 days 1,263 sqft
2018-06-01 54 days 1,269 sqft
2018-07-01 54 days 1,273 sqft
2018-08-01 56 days 1,294 sqft
2018-09-01 60 days 1,278 sqft
2018-10-01 64 days 1,265 sqft
2018-11-01 63 days 1,271 sqft
2018-12-01 68 days 1,248 sqft
2019-01-01 65 days 1,228 sqft
2019-02-01 59 days 1,212 sqft
2019-03-01 55 days 1,224 sqft
2019-04-01 57 days 1,238 sqft
2019-05-01 56 days 1,252 sqft
2019-06-01 56 days 1,244 sqft
2019-07-01 54 days 1,228 sqft
2019-08-01 57 days 1,214 sqft
2019-09-01 61 days 1,193 sqft
2019-10-01 64 days 1,176 sqft
2019-11-01 66 days 1,149 sqft
2019-12-01 74 days 1,144 sqft
2020-01-01 76 days 1,115 sqft
2020-02-01 69 days 1,107 sqft
2020-03-01 61 days 1,098 sqft
2020-04-01 71 days 1,058 sqft
2020-05-01 82 days 1,040 sqft
2020-06-01 91 days 1,030 sqft
2020-07-01 83 days 1,002 sqft
2020-08-01 75 days 985 sqft
2020-09-01 73 days 959 sqft
2020-10-01 74 days 977 sqft
2020-11-01 77 days 963 sqft
2020-12-01 85 days 957 sqft
2021-01-01 101 days 934 sqft
2021-02-01 73 days 892 sqft
2021-03-01 60 days 899 sqft
2021-04-01 59 days 932 sqft
2021-05-01 53 days 984 sqft
2021-06-01 45 days 1,017 sqft
2021-07-01 44 days 1,047 sqft
2021-08-01 46 days 1,048 sqft
2021-09-01 43 days 1,046 sqft
2021-10-01 41 days 1,032 sqft
2021-11-01 44 days 1,000 sqft
2021-12-01 52 days 952 sqft
2022-01-01 58 days 927 sqft
2022-02-01 45 days 938 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 1,141 sqft
2022-12-01 64 days 1,131 sqft
2023-01-01 68 days 1,130 sqft
2023-02-01 64 days 1,123 sqft
2023-03-01 60 days 1,113 sqft
2023-04-01 64 days 1,082 sqft
2023-05-01 59 days 1,104 sqft
2023-06-01 58 days 1,120 sqft
2023-07-01 59 days 1,130 sqft
2023-08-01 61 days 1,117 sqft
2023-09-01 58 days 1,131 sqft
2023-10-01 54 days 1,123 sqft
2023-11-01 56 days 1,107 sqft
2023-12-01 62 days 1,077 sqft
2024-01-01 72 days 1,081 sqft
2024-02-01 68 days 1,067 sqft
2024-03-01 60 days 1,045 sqft
2024-04-01 58 days 1,041 sqft
2024-05-01 54 days 1,023 sqft
2024-06-01 57 days 1,016 sqft
2024-07-01 61 days 1,027 sqft
2024-08-01 63 days 1,031 sqft
2024-09-01 66 days 1,029 sqft
Urban Honolulu's median listing age (time on market) for 2024-09-01 was 66 days. This is 14% longer than the same period one year ago.

Urban Honolulu's median square footage for active listings during the 2024-09-01 period was 1,029 sqft. One year prior, the average listing was 1,131 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).