Hawaii FHA Loan Rates, Closing Costs & Stats

Hawaii

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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.

    Hawaii FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hawaii averaged -0.33% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Hawaii's average FHA mortgage closing costs are $15,020.

    The average rate for the prior week (2024-11-08) was 6.08% and one month ago for the week of 2024-10-11, the average rate was 6.09%.

    The average rate one year ago was 7.23%.

    For refis of the same type during the week of 2024-11-15, the average rate was -1.2%.

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

    Hawaii 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 Hawaii level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 72 6.09% $20,626
    QUICKEN LOANS, LLC 56 5.95% $23,616
    FREEDOM MORTGAGE CORPORATION 38 6.41% $23,074
    LOANDEPOT.COM, LLC 28 6.10% $28,248
    V.I.P. MORTGAGE, INC. 28 6.45% $18,382
    SECURITYNATIONAL MORTGAGE COMPANY 24 6.51% $32,987
    HOMEBRIDGE FINANCIAL SERVICES, INC. 20 6.15% $22,402
    Bank of Hawaii 18 5.88% $13,179
    Century Mortgage Company DBA Century Lending Company 16 5.87% $25,621
    Nations Lending Corporation 14 6.02% $12,199
    HomeStreet Bank 13 6.00% $14,959
    GUARANTEED RATE, INC. 13 6.49% $22,878
    NEWREZ LLC 13 6.46% $19,417
    HighTechLending Inc 12 6.50% $26,986
    MANN FINANCIAL INC. 11 6.15% $17,042
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.88% $22,556
    PLAZA HOME MORTGAGE, INC. 11 6.47% $26,218
    ACADEMY MORTGAGE CORPORATION 11 6.67% $17,345
    CMG MORTGAGE, INC. 10 6.72% $20,331
    CROSSCOUNTRY MORTGAGE, LLC 9 6.49% $27,828
    Ameris Bank 8 5.81% $21,815
    GUILD MORTGAGE COMPANY 7 6.57% $27,076
    OCMBC, INC. 7 7.43% $19,461
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.25% $35,279
    Paramount Residential Mortgage Group, Inc. 6 6.69% $16,237
    American Mortgage & Equity Consultants, Inc. 6 7.00% $16,792
    CARDINAL FINANCIAL 6 6.67% $21,833
    Mr. Cooper ( Nationstar Mortgage ) 5 6.08% $25,254
    AMERICAN FINANCIAL NETWORK, INC. 5 7.18% $24,145
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.75% $17,542
    Carrington Mortgage Services, LLC 5 5.93% $29,919
    MASON MCDUFFIE MORTGAGE CORPORATION 5 6.05% $24,821
    Pacific Lending LLC 5 6.33% $20,532
    SUN WEST MORTGAGE COMPANY, INC. 4 5.69% $26,082
    PENNYMAC LOAN SERVICES, LLC 4 6.25% $24,644
    MLD MORTGAGE INC. 4 6.16% $36,893
    Flagstar Bank, FSB 3 6.58% $20,267
    MID AMERICA MORTGAGE, INC. 3 7.04% $6,576
    Equity Prime Mortgage LLC 3 6.88% $21,569
    DHI MORTGAGE COMPANY, LTD. 3 5.42% $18,402
    DAS Acquisition Company, LLC 3 6.92% $11,020
    Plains Commerce Bank 3 6.29% $17,993
    AMERISAVE MORTGAGE CORPORATION 3 6.29% $26,596
    CASTLE & COOKE MORTGAGE, LLC 2 6.50% $29,463
    The Federal Savings Bank 2 5.44% $37,762
    CANOPY MORTGAGE, LLC 2 7.44% $20,199
    Northpointe Bank 2 6.31% $29,412
    GUARANTEED RATE AFFINITY, LLC 1 6.88% $12,510
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.38% $27,071
    BAY-VALLEY MORTGAGE GROUP 1 6.00% $24,840
    Barrington Bank & Trust Company, N.A. 1 6.25% $15,040
    SUMMIT FUNDING, INC. 1 5.50% $17,634
    Mortgage Research Center, LLC 1 6.99% $10,366
    ALAMEDA MORTGAGE CORPORATION 1 6.63% $18,924
    ENVOY MORTGAGE, LTD 1 5.00% $37,589
    NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $8,714
    U.S. Bank 1 5.75% $12,590
    NFM, INC. 1 5.63% $14,169
    VILLAGE CAPITAL MORTGAGE 1 6.38% $28,302
    ZILLOW HOME LOANS, LLC 1 5.25% $15,676
    EVERETT FINANCIAL, INC. 1 8.25% $12,493

    The top Hawaii FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 72 FHA loans originated. Their average total fees are $20,626, which is $2,989 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Hawaii FHA lenders (with over 10 loans originated) are Nations Lending Corporation ($12,199), Bank of Hawaii ($13,179), HomeStreet Bank ($14,959), MANN FINANCIAL INC. ($17,042) and ACADEMY MORTGAGE CORPORATION ($17,345).

    The lowest rate Hawaii FHA lenders (with over 10 loans originated) are Century Mortgage Company DBA Century Lending Company (5.87%), Bank of Hawaii (5.88%), QUICKEN LOANS, LLC (5.95%), HomeStreet Bank (6.00%) and Nations Lending Corporation (6.02%).

    Hawaii 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
    URBAN HONOLULU, HI HONOLULU 2022 $747,500 $956,950 $1,156,700 $1,437,500
    NON-METRO KALAWAO 2022 $828,000 $1,060,000 $1,281,300 $1,592,350
    KAPAA, HI KAUAI 2022 $845,250 $1,082,100 $1,308,000 $1,625,500
    KAHULUI-WAILUKU-LAHAINA, HI MAUI 2022 $828,000 $1,060,000 $1,281,300 $1,592,350
    HILO, HI HAWAII 2023 $517,500 $662,500 $800,800 $995,200
    URBAN HONOLULU, HI HONOLULU 2023 $770,500 $986,400 $1,192,300 $1,481,750
    NON-METRO KALAWAO 2023 $977,500 $1,251,400 $1,512,650 $1,879,850
    KAPAA, HI KAUAI 2023 $977,500 $1,251,400 $1,512,650 $1,879,850
    KAHULUI-WAILUKU-LAHAINA, HI MAUI 2023 $977,500 $1,251,400 $1,512,650 $1,879,850

    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).