Hawaii real estate is expensive, but it just got more affordable. While most mainland states allow loans up to $417k at conforming rates, Hawaii has allowed up to $625,500 until this year. Loans above those amounts were jumbo loans with rates around 6% as of last month.
This week some lenders have allowed a new maximum conforming loan amount of $793,750. Lenders can now offer that amount at about 4.5% on a 30yr fixed loan. Amazing! Homes in the $700k-$1million price range just got cheaper to buy!