Hey Folks,
In Hawaii any loans over $625,500 is considered a Jumbo Loan with higher interest rates. To help stimulate the economy and help serve more consumers in "high-cost" areas, Fannie Mae is rolling out a Jumbo-Conforming Mortgage with more attractive rates than the current Jumbo Loans. Below are the new proposed loan amounts for Hawaii:
Jumbo-Conforming Mortgages
•· starting April 1, 2008 for 15- and 30-year fixed-rate mortgages
•· starting May 1, 2008 for eligible 5/1 adjustable-rate mortgages
(county) (1 unit) (2 unit) (3 unit) (4 unit)
HAWAII | HAWAII | 618,750 | 792,100 | 957,500 | 1,189,900 |
HAWAII | HONOLULU | 793,750 | 1,016,150 | 1,228,300 | 1,526,450 |
HAWAII | KALAWAO | 716,250 | 916,950 | 1,108,350 | 1,377,450 |
HAWAII | KAUAI | 773,750 | 990,550 | 1,197,350 | 1,488,000 |
HAWAII | MAUI | 790,000 | 1,011,350 | 1,222,500 | 1,519,250 |
Final guidelines and pricing are yet to be seen, but I am hoping that this is good news for those looking to refi or purchase whose loans would have been over $625,500 at a higher interest rate. Especially since our median price on the islands is around 600k
Hope this helps. Contact me for any questions or to run scenarios in Hawaii, as I am able to service all islands.
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