Purchasing a home in the Paradise of the Pacific should feel as natural as the Ahalanui Warm Springs. Whether you're looking to be on the big island or one of the smaller ones, buying a house in the Aloha State is a great choice.
If you’re considering buying a home in Hawaii, don’t let the high cost of living and countless mortgage options make your head feel like a volcano about to erupt! FHA loans are a popular option for Hawaiians, so keep reading to see if an FHA loan in Hawaii is right for you.
With Hawaii being a popular destination for tourists, it’s easy to see why so many people love living there. As of April 2019, the total value of FHA loans in Hawaii was nearly $27 million as homebuyers have leveraged the program to counteract the state’s median home price of over $600,000.
As stated above, there are many benefits of choosing an FHA loan, and since there are maximum FHA loan amounts in Hawaii, you'll need to have some idea of how much you can borrow before you start shopping. The maximum is adjusted every year and, for Hawaii, depends on which county you reside in. The maximum loan limit in Hawaii is $472,030; however, in Honolulu, it is $770,500 due to a higher cost of living. See the table below for a full list of Hawaii FHA loan limits for 2023.
|County||FHA Loan Limit|
|All other areas||$472,030|
You may be eligible for an FHA loan, if you:
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.