Steven Penske

VP of Mortgage Lending | Rate

Honolulu, Hawaii Mortgage Advisor | NMLS #379410

Steven Penske is a Honolulu-based mortgage advisor and VP of Mortgage Lending with Rate, helping Hawaii homebuyers, homeowners, real estate agents, veterans, active-duty service members, and investors navigate the mortgage process with clarity and confidence.

With more than 25 years of experience in Hawaii mortgage lending, Steven understands that financing a home in Hawaii is different from financing a home almost anywhere else. Higher home prices, competitive offer situations, condo project requirements, military relocations, jumbo loan needs, and complex borrower income can all affect the right loan strategy. Steven’s goal is to help each client understand their options early, avoid surprises, and move forward with a mortgage plan that fits their goals.

Steven works with buyers throughout Oahu and across Hawaii, with a strong focus on Honolulu, Waikiki, Kakaako, Ala Moana, Hawaii Kai, Kailua, Kaneohe, Pearl City, Aiea, Ewa Beach, Kapolei, Mililani, Schofield, Joint Base Pearl Harbor-Hickam, Marine Corps Base Hawaii, and surrounding communities.

Hawaii VA Loan and PCS Mortgage Specialist

Steven has extensive experience helping active-duty military members, veterans, and military families use their VA home loan benefit in Hawaii. VA financing can be one of the most powerful mortgage options available, especially for eligible buyers who want to purchase with little or no down payment. In a competitive market like Oahu, however, the details matter.

Steven helps VA buyers understand their buying power, estimated monthly payment, VA funding fee options, Certificate of Eligibility, seller credit strategies, VA appraisal requirements, condo eligibility, and how to structure a stronger offer. For active-duty buyers moving to Hawaii on PCS orders, he also helps evaluate timing, BAH, COLA, cash to close, housing goals, and the best way to prepare before arriving on island.

His approach is practical and direct: help VA buyers compete, protect their cash, and make informed decisions before they are under contract.

Stronger Buyer Approvals with PowerBid

In Hawaii’s housing market, sellers and listing agents want confidence that a buyer can close. A basic pre-qualification is not always enough, especially when there are multiple offers or when a buyer is using VA financing, a lower down payment, jumbo financing, or a more complex income structure.

Steven uses Rate’s PowerBid approval process to help qualified buyers strengthen their offer before they find a home. PowerBid is designed to provide a more complete upfront credit approval than a basic pre-qualification by reviewing key financial documents earlier in the process.

This can give buyers and agents a stronger position when presenting an offer and can help sellers feel more comfortable with the buyer’s financing. For VA buyers in particular, PowerBid can be a valuable way to show that the buyer is serious, prepared, and fully reviewed.

Oahu Condo and New Construction Condo Financing

Condo financing in Hawaii can be complicated. Project eligibility, master insurance, reserves, litigation, commercial space, investor concentration, owner occupancy, completion status, and agency guideline changes can all affect whether a condo can be financed.

Steven works closely with buyers and real estate agents to review condo financing options early, especially in Honolulu and Oahu markets where condo project requirements can create challenges late in the transaction. This includes established condo buildings, new construction condos, high-rise projects, and properties in areas such as Kakaako, Ward Village, Ala Moana, Waikiki, Hawaii Kai, Ewa Beach, Kapolei, and downtown Honolulu.

Steven’s condo financing experience helps buyers and agents identify potential issues before making an offer, compare financing options, and avoid unnecessary delays.

Jumbo, High-Balance, and Portfolio Loan Options

Because Hawaii home prices are among the highest in the country, many buyers need financing above standard conforming loan limits. Steven helps clients compare conventional high-balance, jumbo, portfolio, adjustable-rate mortgage, and other financing options depending on their goals and qualifications.

For buyers purchasing higher-priced homes or condos, the right loan structure can have a major impact on payment, cash to close, reserves, and offer strength. Steven helps clients look beyond the rate alone and understand the full picture of the loan.

This is especially important for buyers who are relocating to Hawaii, moving up into a larger home, purchasing new construction, buying a luxury property, or trying to preserve liquidity while still making a competitive offer.

Self-Employed Borrower and Investor Mortgage Solutions

Not every qualified borrower fits perfectly into a standard mortgage box. Steven works with business owners, independent contractors, real estate investors, and borrowers with complex income who may need a more customized approach.

Depending on the borrower’s situation, available options may include bank statement loans, asset-based qualification, investor DSCR loans, jumbo portfolio lending, interest-only options, and other non-traditional mortgage solutions. These programs can be helpful for buyers whose tax returns do not fully reflect their ability to purchase, or for investors who want to qualify based on property cash flow rather than standard employment income.

Steven helps clients review their income, assets, credit, property type, and long-term goals to determine which mortgage options make sense.

Guidance for Real Estate Agents

Steven is also a trusted mortgage resource for real estate agents who want clear answers, fast communication, and creative financing options for their clients.

He helps agents with buyer approvals, offer strategy, VA loan questions, condo project reviews, jumbo financing scenarios, self-employed borrower situations, and competitive payment comparisons. His goal is to help agents identify the right financing path early so their clients can make stronger offers and close with fewer surprises.

Steven regularly provides education and resources for agents on Hawaii VA loans, condo financing, PCS buyers, PowerBid approvals, jumbo lending, and specialty mortgage programs.

Mortgage Specialties

Hawaii VA Loans

PCS Relocation to Hawaii

Oahu VA Condo Financing

PowerBid Fully Reviewed Buyer Approvals

Honolulu Condo Financing

New Construction Condo Financing

Jumbo Loans

High-Balance Conventional Loans

Portfolio Lending

Self-Employed Borrower Loans

Bank Statement Loans

Asset-Based Mortgage Qualification

Investor DSCR Loans

First-Time Homebuyer Guidance

Military Buyer Strategy

Rate and Payment Comparisons

Real Estate Agent Offer Strategy Support

Refinance Options

HELOC and Home Equity Solutions

Local Hawaii Mortgage Experience

Steven’s experience in the Hawaii market allows him to help buyers and agents navigate local challenges that may not be obvious at the start of the process. These may include condo project approval issues, VA appraisal requirements, jumbo loan reserve requirements, seller credit limits, high-cost area loan limits, military relocation timelines, and the need to structure an offer that gives the seller confidence.

Whether the goal is buying a first home, relocating to Oahu, purchasing a condo, upgrading to a larger property, refinancing, investing, or comparing loan options, Steven focuses on giving clients practical mortgage advice they can actually use.

Work With Steven Penske

If you are buying a home in Hawaii, preparing for a PCS move to Oahu, using a VA loan, purchasing a condo, comparing jumbo financing, or trying to qualify as a self-employed borrower, Steven can help you review your options and build a smart mortgage strategy.

If you are a real estate agent, Steven can help your buyers get prepared, strengthen their offers, and understand financing options before problems come up in escrow.

Steven Penske

VP of Mortgage Lending | Rate

NMLS #379410

Honolulu, Hawaii

Phone: 808-375-8422

Email: [email protected]