Question 1

What is the conforming loan limit in Hawaii?

Accepted Answer

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 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. There are also 0% down portfolio loan options available up to $998,000 for buyers who meet certain requirements — contact Jay for details.

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. 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.

Question 4

How long does mortgage pre-approval take in Hawaii?

Accepted Answer

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.

Question 5

What are typical closing costs in Hawaii?

Accepted Answer

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.

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.

	30-Year VA Loan	30-Year Conventional
Loan Type	VA Loan	Conventional
Loan Amount	$766,125	$712,500
Note Rate	5.750%	5.750%
APR	5.699%	5.677%
Down Payment	$0	$37,500
MONTHLY PAYMENT
Principal & Interest	$4,470.90	$4,157.96
Property Tax	$218.75	$218.75
Insurance	$200.00	$200.00
HOA	—	—
Mortgage Insurance	—	$178.13
Total PITI	$4,889.65	$4,754.83
COSTS
Closing Costs	$4,245	$5,715
Prepaids	$5,523	$5,396
Cash to Close	$9,768	$48,611
5-YEAR TOTAL COST	$247,696	$282,332

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