Market News

Market News


FHA Condo Relief

8/1/2016

Realtors and home buyers have been waiting for FHA financing restrictions on condominiums to ease, and finally it’s coming.

President Obama has signed the legislation in July to make FHA’s recertification process substantially less burdensome and will lower owner-occupancy requirement from 50% to 35%.

Currently less than 10% of condominiums qualify for FHA mortgage insurance.
It is a significant step for affordable mortgage for condominiums.

The National Association of Realtors (NAR) is calling on the Department of Housing and Urban Development (HUD) to go into effect right away.

President Obama has signed the legislation in July to make FHA’s recertification process substantially less burdensome and will lower owner-occupancy requirement from 50% to 35%.

Currently less than 10% of condominiums qualify for FHA mortgage insurance.
It is a significant step for affordable mortgage for condominiums.

The National Association of Realtors (NAR) is calling on the Department of Housing and Urban Development (HUD) to go into effect right away.


FHA Maximum Loan Amount

County Name               Single Family Home

Hawaii                              $368,000
Honolulu                         $721,050
Kalawao                           $657,800
Kauai                                $713,000
Maui                                 $657,800

VA Loan Lending Limits

VA guaranteed loans do not have a maximum dollar amount, however, lenders who sell their VA loans in the secondary market must limit the size of those loans to the maximums prescribed by GNMA (Ginnie Mae) .

County Name               Single Family Home

Hawaii                              $625,500
Honolulu                         $721,050
Kalawao                           $657,800
Kauai                                $713,000
Maui                                 $657,800
Maui                                 $657,800

USDA Guranteed Loan Limits

USDA loan limits are determined by local USDA maximum income limit and the borrowers debt-toincoe ratio. The figures listed below are based on approximate calculations. Actual guaranteed maximum loan limits may vary.

County Name               Single Family Home

Hawaii                               $306,000
Honolulu                           $408,000
Kauai                                  $391,000
Maui                                   $374,000


Rules For Using Drones