Fine Island Properties Monthly Newsletter
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February was a short month and combined with our newsletter program being down we are sorry for the delay in getting this email out to you.  

We hope you are doing well and for our mainland friends that many of you are keeping warm.  
The winter has been a bit chilly here with a bit of rain but we won't complain.  We spoke to a friend who was experiencing 40 degrees on the East Coast.  All the more reason for a vacation to Maui.
Did you know we have a website with amazing resources from searching for homes, mortgage calculators, finding the perfect Maui beach, to economic data and much more!  Please consider us your resource for all things Maui.  

This month we can say we are still having robust activity on Maui although not quite the price increases that Oahu and the West Coast are seeing so that makes Maui a bargain to some.  Check out the full details on the Maui Statistics section of our newsletter.

At Fine Island Properties we are rooted in the culture of Aloha, our Maui community, and our professional knowledge.  We are ready to serve you and accomplish your goals, with Aloha!
Gina Duncan, R (PB)

Mortgage News

Low & No-Down Payment Programs
If you are planning on financing a new home to live in, there is good news out there!  There are many programs now available to help make that dream a reality.  This week we will give an overview of the zero-down 100% financingprograms available.  Next week we will tackle low-down payment programs.  In week three of my 3-part series, we will examine how various down payments from 5% to 15% will affect your rate and mortgage insurance payments.
Below is a quick index to what’s currently available for with zero-down (100%) financing.  For more information on any of these programs, please let me know.
Zero Down:
If the goal is to get into a home with no down payment, there are two options for you.  Each has its own restrictions, so it is important to know if you meet the qualifications.
VA loans are restricted to active and former members of our military.  That includes the National Guard and Coast Guard.  Based on your type of service, there is a certain amount of time served before you are eligible.  The good news is that the time served is drastically reduced if you have served in a combat area.  With ongoing operations overseas, many who did not have enough time in the service in years past, now has immediate access this program.
VA loans not only offer 100% financing, but the best rates available.  And since these loans are insured by the government, there’s no separate mortgage insurance premiums.
VA loans also allow for lower credit scores than most other loan programs.  They also allow you to qualify for a bigger loan with your income than any other loan program.
100% financing is capped at a limit for each county.  If you wish to purchase something above that limit, you will have to put a down payment equal to 25% of the amount over that limit.  To use Oahu for an example:  The VA 100% limit is $721,050.  If you want to buy an $821,050 home, your down payment is 25% of the $100,000 difference, or $25,000.
USDA Rural Housing loans are another government insured program.  Most consumers have never heard of this program.  You may think that a program administered by the US Dept. of Agriculture is some type of farm loan, but it is not.  Rural housing is simply homes outside cities.
For neighbor islands, it is pretty easy to determine if a home is considered rural or not.  For Hawaii Island, everything outside of Hilo qualifies.  On Maui, everything outside Kahului is okay.  For Kauai, Molokai, and Lanai, there are no restrictions.  Oahu is a little more complicated.  Basically it’s the west side, starting at Ewa Beach to Waianae, all of the North Shore from Waialua wrapping all the way around to Kahaluu, and lastly Waimanalo.  We have digital maps that can search specific addresses or areas to see if the home or area qualifies.
USDA rates are much lower than conventional mortgages.  The USDA does have a monthly fee similar to a mortgage insurance premium, but the rate is significantly lower than any MI on a conventional loan.
USDA does have one additional restriction.  The program is designed to help moderate to low-income families.  What that means is that there are maximum income limits.  The limits are different for each county in the state, and are higher when there are more family members.
Luckily there is also a web-based tool we use to calculate your income versus the country limits.  If you want to know if your income meets the income restrictions, or if a property meets the geographic restrictions, please contact me for a simple assessment.
Throughout this brief synopsis I have consistently used the term “home”.  USDA loans are not restricted to single family homes.  Any condo project approved by VA or meets Fannie Mae and Freddie Mac guidelines is eligible.
USDA does allow for lower credit scores than many conventional loan programs, but it is the most conservative with how much they will allow you to borrower.
Even with the restrictions listed above, USDA is still preferred over conventional loan programs.  I always make it a practice to see if an applicant qualifies for this program first, before moving to conventional financing.
Next month we will explore FHA, Fannie Mae’s Home Possible program, and Freddie Mac’s Home Affordable programs.  These programs all required small down payments of 3½% or less.

This Month's Mortgage News brought to you by:
Alan Van Zee
President | NMLS #: 297154
Hawaii Mortgage Company, Inc.
Company NMLS #: 232582
Phone: 808.988.6622 •

Maui Real Estate Statistics

Maui January 2017 Statistics

Aloha all!

Brief Maui Statistics Overview:

Page 4 - January's Sales Unit Volume – Residential and Condominium sales decreased to 65 homes and 96 units sold respectively. This decrease is a normal result in January numbers as many pending sales raced to close by end of 2016. Land sales decreased to 13 lots sold in January.

Page 5 - January's Median SALES prices – The Residential median price decreased to $655,000 while the Condo median price increased to $537,500 (highest since Feb. 2009). Land median price decreased to $300,000.

Page 6 - Days on Market, Residential homes = 114, Condos = 114 DOM, Land = 142 DOM. (General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it will move this indicator upward, and vice versa. RAM's Days on Market are calculated from List Date to Closing Date [not contract date], including approximately 60 days of escrow time.)

Pages 10 - 14 – This month’s “Year to Date Sales" numbers compare only one month, January 2017 to January 2016. Shorter timeframe (monthly) views do not necessarily reflect the longer timeframe trends.

For a more comprehensive view, see 2016's Year-End (Dec. 2016) figures available at:

YTD - Residential unit sales declined slightly (65 homes sold / -8 units / -11% change YTD), average sold price = $1,028,477 (+39% change YTD), median price = $655,000 (+4% change YTD) and total dollar volume sold = $66,851,017 (+24%YTD).

YTD - Condo unit sales increased (96 units sold / +13 units sold/ +16% change YTD), average sold price = $659,463 (+20% change YTD), median price = $537,500 (+36%YTD). Total Condo dollar volume sold = $63,308,480 (+38% change YTD).

YTD - Land – NOTE: Land Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators. The number of Land lot sales increased significantly (13 lots / +8 lots sold / +160% YTD change), average sold price = $340,138 (-44%), median price = $300,000 (-65% change), Total dollar volume = $4,421,800 (+45% YTD).

Total sales for immediate past 12 months: Residential = 1,070 (with 10.3% being REO or Short Sale), Condo = 1,325 (4.9% REO or SS), Land = 169 (2.4% REO or SS).
NOTE: 38.3% of these Sales in the last 12 months have been CASH transactions.

Click here for full report.

February 2017

In this issue...
  • Our Featured Properties
  • Mortgage News
  • Monthly RE Statistics
  • Outside of Real Estate – Calendar of Events
  • Video of the Month- go on a kayaking trip with our winter visitors the whales

for Maui Listings Search, our Blog, and More!

If you know of anyone looking to purchase a home or sell their home please don't keep us a secret.  We will treat your referrals with the experience & aloha they deserve.  No Pressure, just Aloha Services. 

"The Key to your Hawaii Real Estate Success"
Click Here
Our Featured Properties

Unit 621 Kauhale Makai, 938 S Kihei Rd
Link to MLS Listing
Chris Bakeman
R (B), RB-19188

Direct: 808-283-6126

5210C Lower Honoapiilani, Lahaina, HI, 96761, US
Link to MLS Listing
Michael W. Buchanan, REALTOR® (B)
Direct: 808-344-5639

3660 HONOAPIILANI 305, Lahaina, HI, 96761, US
Link to MLS Listing
Michael W. Buchanan, REALTOR® (B)
Direct: 808-344-5639

1255 Kilou, Wailuku, HI, 96793, US
Link to MLS Listing
Michael W. Buchanan, REALTOR® (B)
Direct: 808-344-5639

Unit 237 Kihei Bay Surf, 715 S Kihei Rd
Link to MLS Listing
Michael W. Buchanan, REALTOR® (B)
Direct: 808-344-5639
Calendar of Events from

Click on Link Here for exciting upcoming activities and events on Maui.

Our Visitor activity spotlight is on Golf.  If you are a Golfer than Maui
is more than just paradise, it is Golfer's Heaven.
Please see the link from our friends at GoHawaii and check out all that Maui has to offer for Golfers
novice and expert:
Click the image for the link to the events.
Our Video of the Month
Whale watch    Maui 2017
Whale Watch Maui 2017

Our Team

 Gina Duncan
Principal Broker
Direct: 808-250-9858

 Christina "Chris" M Bakeman
R (B), RB-19188
Direct: 808-283-6126

Rhonda J Faleafine

R (S), RS-65614
Direct: 808-250-1463

Matt Daniells

R (B), RB-19622
Direct: 808-281-7175

Alicia Souza

R (S), RS-69029
Direct: 808-284-0049

Melissa Nakagawa
R (S), RS-77950

Dan Uhrich
R (S), RS-
Direct: 808-268-3435
Fine Island Properties LLC
"The Key to Your Hawaii Real Estate Success"
275 W. Kaahumanu Ave 2CA1
Kahului HI 96732

Located in the Queen Kaahumanu Center
Next to the Armed Forces Recruiters Offices
Copyright © Fine Island Properties, LLC, All rights reserved.

Our mailing address is:
275 W Kaahumanu Ave 2CA1  Kahului HI 96732

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