What Is A Jumbo Loan?
Jumbo loans are a type of financing that exceeds the maximum loan amount limits set by the Federal Housing Finance Agency (FHFA). Jumbo loans are typically used to purchase high-value homes and may require a higher down payment than a traditional conventional loan.
In Hawaii, in all counties, the maximum conventional amount financed is $765,600. Any loan amount above falls in the Jumbo Loan category. As of July 2020 (Covid-19) these loans are requiring 10% minimum down payment and tier-one credit.