Jumbo mortgage loans in Hawaii help homebuyers afford higher home prices in the state.
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Who hasn’t dreamed of going to Hawaii? Beautiful beaches, fun cities like Honolulu and lush mountains to climb. For the people lucky enough to live there, this series of islands is every bit as beautiful as you could imagine. Of course, that great quality of life can come at a price. According to US census data, the median price for a home in Hawaii is $563,000. With housing market prices on a steady increase over the past few years, there will not likely be a decline in prices in the foreseeable future.
Because of these factors, many homebuyers can benefit from considering a jumbo loan. With the average price for a home in Hawaii increasing, more families are turning to jumbo loans to finance their next purchase. Jumbo loans are much larger than traditional loans and allow for the purchase of more expensive real estate.
For the most recent year, the HDMA data places Hawaii 32nd in the country in terms of mortgage origination activity, with a total of $4.3 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Hawaii, you’ll be in great company.
The jumbo loan limit in Hawaii is $1,089,300 for all counties in the state. Any loan that exceeds $1,089,300 is a jumbo loan in the state of Hawaii. Any loan that is less than $1,089,300 is a conforming loan in the state of Hawaii.
| Hawaii County | Hawaii Jumbo loan (1-unit) | Hawaii Conforming loan limit (1-unit) | Hawaii FHA loan limit (1-unit) |
|---|---|---|---|
| Hawaii | $1,089,300+ | $1,089,300 | $477,250 |
| Honolulu | $1,089,300+ | $1,089,300 | $747,500 |
| Kalawao | $1,089,300+ | $1,089,300 | $828,000 |
| Kauai | $1,089,300+ | $1,089,300 | $845,250 |
| Maui | $1,089,300+ | $1,089,300 | $828,000 |
If you’re ready to learn more about the best jumbo mortgage lenders in Hawaii, here are the top options we’ve found through our research.
Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.
We reached out to a loan officer at Flagstar Bank to get details on their jumbo loan options. Here are the highlights:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Keybank has over $170 billion in assets and is the 24th largest bank in the United States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among borrowers throughout the country. One of their key financial products is a jumbo mortgage loan.
We contacted Keybank to learn more about their jumbo loan mortgage and here are the key terms and highlights:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
For homebuyers in Hawaii, it can be a difficult question trying to decide if they should purchase a more expensive home or budget for a home that is more affordable. Because of the gap between the FHA loan amount limit and the average home cost of a home in Hawaii, the state has allowed financial institutions to approve loans that are larger than traditional mortgages, but still financed in a way to create an affordable monthly payment for the family.
Jumbo loans can be considered riskier by lending institutions because they are not guaranteed by FHA. This means that the banks cannot be protected from losses if a loan is defaulted on. Because of this, you should be aware that only borrowers with solid credit scores are going to be eligible for a jumbo loan. If a bank makes a poor decision on who to lend to they could be on the hook for millions of dollars because of the size of these loans. They also often come with higher interest rates, meaning they will cost you more in the long term.
The very first thing you’ll need to consider when you want to apply for a jumbo loan in Hawaii is your financial situation. Because of the reasons mentioned above, including the risk exposure to the bank, you’ll have to make sure that your credit score is in great standing before you move forward.
A jumbo loan can also take time, so make sure you have enough time for an extended approval process. While it can take a bit of time, a jumbo loan is one of the most convenient ways to finance a home in some of Hawaii’s most appealing neighborhoods. Taking a conventional loan for one of these properties could mean patching together many mortgages, which doesn’t always make for the best financial picture. If you want to buy a bigger or more expensive Hawaiian property, a jumbo loan could very well make sense for you.
Conforming loan limits are set by the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, the two government-backed home loan companies that buy most of the mortgages made in the U.S. from lenders and resell them to investors.
If you want to find the best jumbo loans in other states, click on your state below.
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
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