Via Tim O'Leary, Honolulu Home Loans:
HUD previously had announced that Fannie & Freddie would be discontinuing HIGH BALANCE Loans. Now Fannie & Freddie have decided otherwise.
The CONFORMING Loan limit will remain at $625,500 and instead of cancelling the HIGH BALANCE, they lowered it. This is great news for the Oahu housing market, especially in higher markets like Hawaii Kai, Diamond Head, Manoa, and Kailua, where high balance loans are very common. Prices in these neighborhoods start around $700k and go up to $15 million.
The new loan limits effective 9/1/2011 are:
| Conventional Loan Limits - Starting 09/03/11 | ||||
| County | 1-Unit | 2-Unit | 3-Unit | 4-Unit |
| Honolulu | $721,050 | $923,050 | $1,115,800 | $1,386,650 |
| Hawaii | $625,500 | $800,775 | $967,950 | $1,202,925 |
| Kauai | $713,000 | $912,750 | $1,103,350 | $1,371,150 |
| Maui | $626,750 | $802,350 | $969,850 | $1,205,300 |
| Kalawao | $626,750 | $802,350 | $969,850 | $1,205,300 |
| VA Loan Limits - Starting 10/01/11 | ||||
| 1-Unit | ||||
| Honolulu | $721,050 | |||
| Hawaii | $368,000 | |||
| Kauai | $713,000 | |||
| Maui | $626,750 | |||
| Kalawao | $626,750 | |||
Interest Rates for today from Honolulu Home Loans:
| Loan Program | Rate | Points | APR% | Loan Maximum | |||
| 30 Yr. Conventional | 4.375% | 1.25 | 4.515% | $625,500 | |||
| 15 Yr. Conventional | 3.375% | 2.00 | 3.708% | $625,500 | |||
| High Balance Conv. | 4.500% | 1.75 | 4.662% | $793,750 | |||
| 30 Yr. FHA | 4.250% | .50 | 4.314% | $625,500 | |||
| 30 Yr. VA | 4.250% | .50 | 4.314% | $625,500 | |||
| VA Jumbo | 4.625% | .50 | 4.489% | $1,500,000 | |||
| FHA High Balance | 4.50% | 0 | 4.523% | $793,750 | |||
Please contact Tim for Home Loans in Hawaii. They give their clients a FREE Home Warranty from American Homeshield!