Your Path to
Homeownership
in Paradise

Hawaii is a high-cost state. For 2026, the conforming loan limit for a single-family home in Honolulu County is $1,249,125 — significantly higher than the national baseline of $806,500. Loans above this limit are jumbo loans and require different qualification standards.

Down payment requirements vary by loan type. VA loans (for eligible veterans and military) require 0% down. FHA loans require 3.5% down with a 580+ credit score. Conventional loans can go as low as 3% down for first-time buyers. Jumbo loans typically require 10–20% down. There are also 0% down portfolio loan options available up to $998,000 for buyers who meet certain requirements — contact Jay for details.

A leasehold property means you own the structure but lease the land from a landowner (often the Bishop Estate or other large landowners). Mortgages on leasehold properties are available but have additional requirements. For conventional loans, lenders require at least 5 years remaining on the lease term after the loan term expires — meaning a 30-year loan requires at least 35 years remaining on the lease. Some lenders restrict leasehold financing entirely. Fee simple (owning both land and structure) is generally preferred by lenders.

A standard pre-approval typically takes 1 business day once all required documents are received. Required documents include pay stubs, W-2s, tax returns, bank statements, and a government-issued ID. A fully underwritten pre-approval (TBD approval) takes longer but provides stronger negotiating power in Hawaii's competitive market.

Closing costs in Hawaii typically range from 1.5–2% of the purchase price. Buyers pay lender fees, title insurance, escrow fees, prepaid interest, and property tax impounds. On an $800,000 purchase, expect approximately $12,000–$16,000 in total closing costs.

Yes, VA loans can be used to purchase condos in Hawaii, but the condo project must be VA-approved. Many Honolulu condo buildings are VA-approved. Your lender can verify approval status before you make an offer.