Fine Island Properties Monthly Newsletter

January 2016 Issue
In This Issue

Our Newest Properties
Mortgage News
Monthly RE Statistics
Outside of Real Estate – Calendar of Events
Video of the Month

Aloha Friends:

Hau`oli Makahiki Hou (Happy New Year)

While other areas of the country may have finished their New Year celebrations, in Hawaii ours are just beginning.  We celebrate several New Year’s Days thanks to the various cultures in Hawaii.  One of my personal favorites is Chinese New Year.  I look forward to the upcoming Year of the Monkey. There will be Lion Dancers, Fireworks and special treats to look forward to.  How ever you celebrate or if you celebrate more than once, we at Fine Island Properties wishes each of you Happiness, Health and Prosperity in 2016!

On behalf of the team we look forward to serving you with No Pressure, Just Aloha Service with Excellence!
Gina Duncan, R Principal Broker, ABR, CRS, GRI, e-Pro, AHWD, BPOR, SFR


 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”



Our Newest Properties
273 Kamalei Circle, Kahului, Maui
Exquisite home in the gated community of the Islands at Maui Lani. 2 bdr, 2.5bath Ultra Custom home offers impeccable upgrades throughout. This home features an open floor plan that is wonderful for entertaining, high ceilings, marble flooring, custom cabinetry, arched entries, deluxe appliances and a master suite to fall in love with. The kitchen is open and wonderful for entertaining. It features over sized refrigerator/freezer, stainless appliances, granite counters, walk in pantry and more. The master is the heart of this home, with custom closet, and an en-suite that spells designer from top to bottom. Double sinks w/custom wood cabinetry, amazing tub and shower area have marble tiling with curved tile accent flowing through the shower. Walls in baths are all partially tiled for that luxury feeling. Fenced for privacy with view to the West Maui Mountains. Peaceful and Serene with lovely tropical landscaping can be enjoyed under the expansive covered lanai looking out to the wooded area bordering the golf course. Masonite Siding, Central AC & Photo Voltaic make this home a standout. Seller is inactive Hawaii Realtor.
For more information about this property:
Contact: Gina Duncan, REALTOR (PB), ABR, CRS, e-PRO, GRI, SFR
Direct: 808-250-9858

375 Pulehu Rd., Kula, Maui
24 Acres with coast to coast views, mildly sloping, with lots of area for agriculture. This parcel has an inch and a half water meter. It is in a gated subdivision. The access road is part of this lot, and shared by three other parcels, look at associated docs for easement agreement . This land has great potential for farming, equestrian pursuits, or a private estate, with magnificent views, and quiet solitude. There are numerous potential building sites located all over the parcel that would make for a wonderful panorama, from the North Shore to Kihei. More Pictures to come!
For more information about this property:
Contact: Matt Daniels, R (B)
Direct: 808-283-7175

Mortgage News

HomeReady – A Great New Low-Down Program
HomeReady is a new program launched by Fannie Mae.  It still requires a 3% down payment, but some of the added features make this program an amazing opportunity for those challenged by income.  Fannie Mae will now count certain types of income that in the past could not be used to qualify a borrower.

Tenant Income:  If you have been renting a home and have rented out a room or two to cover the rent, and now wish to buy a home, that Tenant Income can be used to help qualify you to buy your own home.  Obviously your tenant will have to move with you into the new home.  They will also need to document they lived with you for the past 12 months, and provide proof that they paid you rent for 9 of those 12 months (not rent to the landlord).

Rental Income from an Ohana or ADU:  For the first time, rental income from a single family home’s Ohana Unit or Accessory Dwelling Unit will count towards income to qualify.  This is a huge change in policy.  Typically, if you own a single family home, no rental income could be counted.  Now with HomeReady, they will treat rental income from an Ohana or ADU the same as if you owned a 2-Unit property.

Non-Borrower Household Income:  If you have family that lives with you, their income can be used to compensate higher debt-to-income borrowers qualify for a mortgage.  To be clear, and to show how amazing this is, income from someone not obligated on the loan can now be used!  I have never heard of any program that considers income so liberally.

HomeReady is meant for low to moderate income individuals, so there are income limitations.  Yet this program will work for lots of people in Hawaii.  Income limits are based on an area’s Average Median Income.  There are also a lot of subtle quirks to the program.  That means that a lot of mortgage professionals who have never studied this program before may think you are qualified, but may be wrong.  Before moving forward with any lender, ask about their first-hand knowledge of this program.  As with any loan application, you would do yourself good by asking your Loan Originator as many questions as you need to in order to feel comfortable about proceeding with them.

I have been fortunate to already have done a couple of these.  Some of the requirements are tricky.  Also, not every lender is equipped yet to honor all aspects of the program.  For instance, one lender does the program, but does not have the ability to account for the non-borrower household income, and will not accept loans using it.  Some lenders will only originate loans with borrower-paid mortgage insurance, versus the cheaper lender-paid MI option.  My advice is to ask questions and shop around.

Another benefit of this program is that Fannie Mae has reduced some of the mandatory waiting periods for those who had the unfortunate circumstance of Bankruptcy, Foreclosure, or a Short-Sale.  Again, every lender has the ability to be more restrictive than the Fannie Mae guidelines for derogatory events, so make sure the lender you are going with and the Loan Originator for that lender are fully aware of any credit issues in your recent past.


This month’s Mortgage News brought to you by: 

Alan Van Zee

President | NMLS #: 297154

Hawaii Mortgage Company, Inc.

Company NMLS #: 232582 


Maui Real Estate Statistics

Please see the link for December and 2015 YTD Statistics for Maui Real Estate.  2015 was a good year overall for our Real Estate market on Maui.  Numbers were in the positive sector but didn’t show extreme growth overall from 2014.
YTD – Residential unit sales increased (1,089 homes sold / +145 units / +15% change YTD), average sold price = $855,507 (-2% change YTD), median price = $580,000 (+2% change YTD) and total dollar volume sold = $931,646,757 (+13%YTD).
YTD – Condo unit sales increased (1,199 units sold / -4 units change/ 0% change YTD), average sold price = $637,036 (+1% change YTD), median price = $410,000 (-1%YTD). Total Condo dollar volume sold = $763,806,071 (+1% change YTD).
Land – NOTE: Land Lot sales are such a small sampling that statistics in this property class are not
necessarily reliable indicators. Land lot sales declined (154 lots / -12 units / -7% YTD change), average sold price = $855,413 (+23%), median price = $447,650 (-14%), Total dollar volume = $136,353,541 (+14% YTD).
Total sales for immediate past 12 months: Residential = 1,089 (with 11.8% being REO or Short Sale),
Condo = 1,199 (6.6% REO or SS), Land = 154 (3.9% REO or SS).
NOTE: 36.4% of these Sales in the last 12 months have been CASH transactions.


Click on the link below for events:

The Whales are Back!

Our Video of the Month: Our Whale Friends are Back.  Enjoy.



 Gina Duncan

Principal Broker RB-21124 Direct: 808-250-9858 

 Marion Haller

Broker-in-Charge RB-18060 Direct: 808-250-8553 

 Philip G Smith

R (B), RB-20998 Direct: 808-269-2611 

 Chris M Bakeman

R (B), RB-19188 Direct: 808-283-6126 

 Rhonda J Faleafine

R (S), RS-65614 Direct: 808-250-1463 

 Matt C Daniells

R (B), RB-19622 Direct: 808-281-7175 

 Alicia Souza-Alamillo

R (S), RS-69029 Direct: 808-284-0049 

 Susan Kissler

R (S), RS-59975 Direct: 808-283-8685 

 Vicki Tabacchi

R (S), RS-63649 Direct: 808-298-6209

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