Question 1

What is the conforming loan limit in Hawaii?

Accepted Answer

Hawaii is a high-cost state. For 2025, the conforming loan limit for a single-family home in all Hawaii counties is $1,209,750 — significantly higher than the national baseline of $766,550. Loans above this limit are considered jumbo loans and require different qualification standards.

Question 2

What is the minimum down payment for a home in Hawaii?

Accepted Answer

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.

Question 3

What is a leasehold property in Hawaii and can I get a mortgage on one?

Accepted Answer

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 — the remaining lease term must typically exceed the loan term by at least 10 years, and some lenders restrict leasehold financing. Fee simple (owning both land and structure) is generally preferred by lenders.

Question 4

How long does mortgage pre-approval take in Hawaii?

Accepted Answer

A standard pre-approval typically takes 1–3 business days once all required documents are submitted. 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.

Question 5

What are typical closing costs in Hawaii?

Accepted Answer

Closing costs in Hawaii typically range from 2–4% of the loan amount. Hawaii has a state conveyance tax (excise tax on the sale) that is typically paid by the seller, but buyers pay lender fees, title insurance, escrow fees, prepaid interest, and property tax impounds. On a $800,000 purchase, expect $16,000–$32,000 in total closing costs.

Question 6

Can I use a VA loan to buy a condo in Hawaii?

Accepted Answer

Yes, VA loans can be used to purchase condos in Hawaii, but the condo project must be VA-approved. The VA maintains a list of approved condo projects. Many Honolulu condo buildings are VA-approved, but it's important to verify approval status before making an offer. Your lender can check VA approval status and help navigate the process.

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