Lori Owens

Back in September 2010 I posted this same blog and felt it was well worth re-posting in hopes it might capture the attention of new viewers who could benefit from this information.

The August 2010 issue of Islands Magazine has rated our beloved Big Island the Best Island to Live On. Criteria considered for making the top 20 Best Islands to Live On was real estate values, ease of immigration, expat community, quality of island life and more.

Magnificent Kona Sunsets on Island Magazine’s best island to live on.

For all us who already live, work and play on the Big Island know why we think it’s the #1 Island to live on, but for those who are just learning here are few amazing and maybe surprising facts about the Big Island.

The island of Hawaii is only 800,000 years old and is the youngest of the Hawaiian isles. It is also, by far, the largest island in the Hawaiian island chain; its 4,028 square miles is more than twice the size of all the other major islands combined.

Did you know the Big Island has twelve distinct climate zones, from tropical rain forests in Hilo and Ka‘u’s arid desert to the snow-capped summit of Mauna Kea. You can even ski the slopes of Mauna Kea in the winter.

Ski Hawaii

The Big Island in fact, is still growing. Kilauea volcano has been spewing molten lava since January 1, 1983, continually adding real estate to the island.

Madame Pele at her Best

There are many cultural and recreational activities to enjoy while living and visiting the Big Island including the East Hawaii Cultural Center which hosts local, national and international invitational art exhibits. The Kahilu Theatre located in Kamula provides a home for the presentation, support, education and promotion of the performing arts. The Big Islands largest attraction is Volcano National Park which highlights two of the world's most active volcanoes, and offers insights on the birth of the Hawaiian Islands and views of dramatic volcanic landscapes. Let’s not forgot the largest draw of people to the island in October every year the Ironman Competition.

If you are ready to make the leap and own a piece of the #1 Rated Island to Live On, now is a great time to dive in. If you’d like more information about the Big Island real estate market, contact me.

Fannie Mae stands for the Federal National Mortgage Association, and is a federally-charted corporation that purchases home mortgages. As part of the Fannie Mae Incentive Plan, Fannie Mae is offering Buyers up to 3.5% in closing cost assistance and not only does the buyer reap the benefits, but their selling agents receive a bonus of $1,500.00 bonus.

These incentives are valid only for HomePath properties closing by December 31, 2010. All interested buyers should review the qualifications and terms and conditions to make sure you qualify.

In early 2009 Fannie Mae launched its HomePath Mortgage Financing program. Some of the great benefits of the program are low down payments (at least 3%), with no mortgage insurance or appraisal.

An alternative for those properties that need a little fixing up is the HomePath Renovation Mortgage Financing program. This program allows you to not only finance your purchase, but light renovations as well.

More than 87,000 buyers have purchased HomePath properties nationwide. These are great opportunities for those who have looked to purchase properties in Hawaii, but either don’t readily have a traditional 20% down or don’t want to part with their savings in this time of economic uncertainty.

So now that I’ve gotten your attention, you are probably asking why Fannie Mae is offering these incentives? The foreclosure crisis is still steam rolling through the real estate market nationwide, and Hawaii has been no exception. The bottom line is that Fannie May wants to unload the thousands of foreclosed properties with which it is stuck with due to this crisis situation. Fannie Mae took back 68,838 foreclosed properties in the second quarter alone in addition to the 61,929 new REOs it took into its inventory in the first quarter of 2010. Since June 2010 Fannie Mae has been holding 129,310 single family REO properties.

In comparison to all the foreclosures nationwide, not just Fannie Mae properties, RealtyTrac (a foreclosure authority) reported 1.2 million foreclosures this year vs. 1 million in 2009. Economists are saying that approximately 2 million homes will be seized by lenders through 2011. To bring these numbers in context, 2005 only saw 100,000 foreclosures for the entire year.

The Fannie Mae HomePath incentive program is a positive step in Fannie Mae’s efforts to stimulate its sales of its foreclosed inventory, and get these properties and the costs associated with them off their books.

The Fannie Mae HomePath incentive and financing programs are “win win” offerings. For more information on how to take advantage of these great opportunities, contact me.