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Last updated: May 28, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Hawaii Mortgage Overview

Hawaii is a gorgeous place to live, but it's also one of the most expensive. Hawaii has higher conforming loan limits to account for its higher cost of living. In 2021, you can borrow up to $822,375 and the median home value is $615,300.

Hawaii has many first-time homebuyer programs to make it easier to buy a home there and not all of its 8 islands are as expensive. If you're thinking about moving to Hawaii, here are the most common loan options.

Hawaii conventional loans

Conventional loans are for 'good credit' borrowers. Typically, you need a 660 credit score or higher and debt ratios around 40 percent. You only need a 3 percent down payment as a first-time homebuyer, but many Hawaiians put down much more to bring the mortgage payment down.

Hawaii FHA loans

The FHA offers flexible loans for borrowers with less than perfect credit. You only need a 3.5 percent down payment and a 580 credit score, but you'll pay mortgage insurance for the life of the loan. FHA loans allow gift funds for down payments, so think about a larger down payment to lower the mortgage cost.

Hawaii VA loans

Veterans looking to settle in Hawaii deserve only the best. The VA offers 100 percent financing for veterans and you only need a 620 credit score. With adequate income and stable employment, you could qualify for lucrative and flexible financing terms as a thank you for serving our country.

Hawaii USDA loans

What could be better than living in a rural part of Hawaii, right? If you make less than 115% of the area's median income, you may be eligible for a Hawaii USDA loan which offers 100 percent financing and flexible guidelines for first-time homebuyers.

First-Time Homebuyer Programs in Hawaii

HHOC Mortgage Down Payment Assistance

The HHOC serves low to moderate-income families, helping them secure their first mortgage. Borrowers need just 5 percent down. The program has no mortgage insurance and low interest rates.


The Down Payment and Closing Cost program helps homebuyers who make 120 percent or less of the area's median income get up to $10,000 for the down payment and closing costs on their first home. This is in conjunction with an HHOC mortgage.

Honolulu Down Payment Program

The Honolulu Down Payment Program provides up to $40,000 in a down payment. You must contribute at least $5,000 too. There is no interest and the loan is amortized over 20 years.

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