Condo Loan Programs for Hawaii
Understanding Agency, Conventional, Government, and Non-Agency Options for Condos
We’ve put together clear explanations and helpful charts to help you understand mortgage loans better. Navigating through different loan options can be overwhelming, so our aim is to make it easier for you.
In the next sections, you’ll find simple explanations of important ideas, along with easy-to-understand charts. Whether you’re learning about Agency Loans, checking out Conventional and Government-backed choices, or thinking about flexible Non-Agency Loans like Portfolio Loans for your Condo or Condotel purchase, these tools are here to be your go-to guide.
Your journey to making informed decisions starts here. We’re here to give you the knowledge you need to confidently pick the right mortgage program and terms for you.
Conforming Conventional, Government, and Portfolio Loans for Condos
What are Agency Loans?
Both Conventional and Government loans are considered Agency Loans because they are backed by one of the following government agencies:
Federal National Mortgage (Fannie Mae)
Federal Home Loan Mortgage Corp. (Freddie Mac)
Government National Mortgage Association (Ginnie Mae)
How does this impact my home loan options?
A Conforming Conventional Loan is one that is saleable to Fannie Mae or Freddie Mac with a loan amount up to the conforming limit. Once the loan amount exceeds the conforming limit, it becomes a Jumbo loan. Conforming Conventional loans are available in terms of 15-year and 30-year fixed and 5-year, 7-year, and 10-year Adjustable Rate Mortgages (ARMs). The subject property condominium building must pass a condo review to be a conforming project for all conforming conventional loans.
Government Loans are saleable to Ginnie Mae and include the following loan categories: VA loans, FHA loans, and USDA loans. There is a variety of loan terms available for Government loans – inquire when you speak with your loan officer for more detailed information. The subject property condominium building must be on the approved condo project list for all government loans.
Non-Agency Loans, those loans that are not backed by Freddie, Fannie, or Ginnie, are called Portfolio Loans. These loans are available for financing when a loan scenario does not fit within the Agency guidelines. Your loan officer will be able to extend these loan programs in terms of 15-year and 30-year fixed and 1-year to 10-year Adjustable Rate Mortgages (ARMs). Condo projects that are not eligible for conforming conventional or government loans may be eligible for certain portfolio loans.
Your loan officer will review the condo building you are interested in, and will be able to guide you in selecting the loan program and term that is best for you.
Hawaii Condo Loan Program Guides
The following guides will help you to determine the basic terms available for the various condo loan programs available in Hawaii, and offer details for:
- Minimum Down Payment Percentage % of the loan amount
- Maximum Purchase Price calculated based on maximum loan amount and minimum down payment requirements
- And the corresponding Loan Program
Maximum Loan Amounts for Hawaii
2024 Conforming Conventional Loan Limits for Hawaii, all counties
| 1 Unit Property | 2 Unit Property | 3 Unit Property | 4 Unit Property |
|---|---|---|---|
| $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
2024 FHA Loan Limits for Hawaii
| County | 1 Unit Property | 2 Unit Property | 3 Unit Property | 4 Unit Property |
|---|---|---|---|---|
| Hawaii | $517,500 | $662,500 | $800,800 | $995,200 |
| Urban Honolulu | $779,700 | $998,150 | $1,206,550 | $1,499,450 |
| Kalawao (Non-Metro) | $1,000,500 | $1,280,850 | $1,548,250 | $1,924,100 |
| Kauai | $1,029,250 | $1,317,650 | $1,592,700 | $1,979,350 |
| Maui | $1,000,500 | $1,280,850 | $1,548,250 | $1,924,100 |
2024 VA Loan Limits for Hawaii
The VA removed loan limits for veteran home buyers who have their full entitlement available. This means that qualified veterans will not be limited on their purchase price with 0% down payment based on county loan limits. Pacific Home Loans offers loans to qualified veterans with 0% down up to $2,500,000, and in some cases, even higher.
For veterans with partial or no entitlement remaining, they may still apply for a home loan but will most likely be required to provide a down payment. This amount is based on a calculation utilizing the remaining entitlement, the county conforming loan limit, and the purchase price. Your loan officer can assist you in calculating exactly how much down payment you may need for your home purchase scenario.
Primary Residence Hawaii Loan Programs
The figures in the chart below are based on the 2024 Conforming Loan Limit for Hawaii of a 1 Unit condo.
| Minimum Down Payment % | Maximum Purchase Price | Loan Program |
|---|---|---|
| 0% | $2,500,000 | VA Loan with full Entitlement |
| 3% | $1,185,387 | Fannie Mae HomeReady® |
| 3% | $1,185,387 | Freddie Mac Home Possible® |
| 3.5% | $536,269 | FHA Loan – Hawaii County |
| 3.5% | $807,979 | FHA Loan – Urban Honolulu County |
| 3.5% | $1,036,787 | FHA Loan – Kalawao County |
| 3.5% | $1,062,435 | FHA Loan – Kauai County |
| 3.5% | $1,036,787 | FHA Loan – Maui County |
| 5% | $1,210,342 | Conventional Conforming |
| 10% | $1,666,667 | Portfolio No MI |
| 20% | $1,250,000 | Portfolio, Condotel |
| 20% | $3,750,000 | Portfolio, Warrantable Condo |
| 25% | $2,000,000 | Portfolio, Condotel |
| 25% | $6,666,667 | Portfolio, Warrantable Condo |
| 30% | $2,857,142 | Portfolio, Condotel |
| 30% | $7,142,858 | Portfolio, Warrantable Condo |
Second Homes Hawaii Loan Programs
The figures in the chart below are based on the 2024 Conforming Loan Limit for Hawaii of a condo.
A “second home” refers to a property that an individual or family owns, separate from their primary residence. This secondary property is often used for recreational purposes, vacations, or as an investment. Unlike a primary residence, a second home is not the main place of residence and is typically occupied for a portion of the year. It is distinct from an investment property, which is primarily purchased for rental income or capital appreciation.
| Minimum Down Payment % | Maximum Purchase Price | Loan Program |
|---|---|---|
| 10% | $1,277,583 | Conventional |
| 10% | $1,666,667 | Portfolio No MI |
| 20% | $3,750,000 | Portfolio, Warrantable Condo |
| 25% | $1,133,333 | Portfolio, Condotel |
| 25% | $6,666,667 | Portfolio, Warrantable Condo |
| 30% | $2,142,857 | Portfolio, Condotel |
| 35% | $3,076,923 | Portfolio, Condotel |
Investment Condo Hawaii Loan Programs
The figures in the chart below are based on the 2024 Conforming Loan Limit for Hawaii of a 1 Unit condo.
| Minimum Down Payment % | Maximum Purchase Price | Loan Program |
|---|---|---|
| 20% | $1,562,500 | Non-Agency, PHL Funded |
| 30% | $2,857,142 | Non-Agency, PHL Funded |
