The EBA Way - A Better Way to Buy a Home

Today, March 08, 2010, Equity Services was acquired by PrimeLending. PrimeLending is part of PlainsCapital Bank out of Dallas, TX. Carl Kiger, a long time preferred mortgage lender partner of Buyers Advantage Group Realty, is very excited about this transition because PrimeLending is part of a full service bank, not just a mortgage services bank.

Carl's clients will have access to many programs a typical mortgage bank does not offer. One quick example of this is that PrimeLending is a Fannie Mae HOMEPATH approved Lender. HOMEPATH approved lenders can do loans on Fannie Mae foreclosures at reduced interest rates with Fannie Mae picking up much of the closing costs. Additionally, Carl will also have access to FHA 203K rehabilitation loans and to NCHFA First Time Homebuyer Programs through PrimeLending.

The above are just a few examples. With so many available programs PrimeLending is very well positioned to meet the needs of homebuyers moving forward. If you have any questions for Carl please do not hesitate to contact him….Lastly, though the company is based out of Dallas, TX, underwriters and closers are still local, so you will continue to get the same great service from Carl that his clients have come to expect.

You can reach Carl by email at ckiger@primelending.com, or by phone at 919-239-2724 (office), 919-522-6281 (cell) or 866-801-6874 (fax).

More About Carl:

Carl was born in and grew up in the Raleigh area. He attended NC State University where he received a degree in Computer Science. Carl spent 15 years in various Management positions in the corporate world before deciding to make the change to the mortgage industry.

Carl loves his family and friends. He is actively involved in his church and enjoys golf, investing, and anything financial. Carl has a true passion for customer service and wants each customer to be totally satisfied with the process of obtaining their home mortgage

According to a RISMEDIA article dated January 30, 2010, retirement living on a golf course is OUT. And, not surprising to us at Buyers Advantage Group Realty, Florida and Arizona no longer top the list of preferred retirement destinations for those planning to retire in the next ten years. Those states have been trumped by North and South Carolina! Warmer climates are still a motivating factor for today’s retirees but cost of living has become equally if not more important. RISMEDIA studies indicate “Between 30-40% plan to move to a new home in retirement, about the same as in 1996, and half of those plan on moving to a new state.”

What do retiring homebuyers want in their ideal retirement homes? Builders are encouraged to develop retirement communities with a different set of amenities, including walking and bike trails. A National Association of Home Builders survey reveals the most important design features that 55+ buyers want in their homes are practical:

• Washers and dryers in their units
• Storage space
• Windows that open easily
• Garage-door openers
• Easy-to-use thermostats
• First-floor master bedrooms
• Private patios
• Porches
• Attached garages
• Bigger bathrooms with aids such as grab bars
• An entrance without steps
• Accessible public transportation
• Wider doorways
• Nonslip flooring
• Security systems
• Energy management
• Structured wiring and lighting controls
• Home interior and exterior maintenance, landscaping, repair, housekeeping, health-care, and transportation services onsite
• Universal Design Features which include wider hallways, lever-handled doors, roll-in showers and no-stair entries

The Federal Housing Authority announced several policy modifications last week in an attempt to strengthen its capital reserves and consumers will see an increased cost of using FHA financing for their new home purchase.

The first announced change is an increase in the mortgage insurance premium (MIP) required of consumers to 2.25%. The FHA will also request legislative authority to raise the maximum annual MIP increase it is allowed to make, and if approved, the FHA will shift some of that premium hike from up-front to annual MIP. This will ease the burden on consumers by allowing them to add the costs to the lifetime of their loan, rather than having to pay the costs in closing. The change will go into effect in the spring.

Second, the FHA announced updates to the FICO score requirements and down payments. A FICO score of 580 will be required for FHA 3.5% down payment loans, and a 10% down payment will be required from those with scores less than 580. The changes will be implemented in early summer.

Third, the FHA announced a reduction in the allowable seller concessions from 6% to 3%. The change is intended to limit the FHA’s risk of being exposed to inflated appraisal values and is in line with industry standards. It and will go into effect in early summer.

Anyone using FHA financing to purchase their new home is encouraged to act before these changes go into effect. Call us today, and let's get started!

Are you considering remodeling your current home to fit your lifestyle? If so, you will want to review the 2009-10 Cost vs. Value report and talk with us about remodeling projects that see the highest return on investment in the Fayetteville market.  We can also share advice on small improvements that make a big impression!

Call or email us anytime!

866.953.1110 or info@buyersadvantagegroup.net

US Department of Housing and Urban Development Releases Latest Version of 'Shopping for your Home Loan'
HUD Booklet advises buyers to search for an agent who will represent their interests in real estate transaction

We at Buyers Advantage Group Realty, our buyer clients and now the US Dept. of Housing and Urban Development know that the hiring of an Exclusive Buyer Agent is the only real estate agent who will represent only the buyer's interests 100 percent of the time.

1. Unheated house in winter months.

2. Missing sinks, toilets and other fixtures.

3. Peeling, bubbling, and discolored paint; swelling in walls or ceilings (especially around kitchens and bathrooms) or a musty odor.

4. Fungus growth inside cabinets, behind drawers and built-ins.

5. Blocked drains or pipes.

6. Black cobwebs, greasy gray residue on walls and/or a strong oily odor.

7. An older home with extensive renovations.

8. Excessive painting of every nook, cranny, door and floor

9. Discolored subflooring.

10. Air Quality.

To find out why, Read more

Home Buyers in Fayetteville have another reason to be confident in their investment.

Recently, the Milken Institute - a nonprofit, nonpartisan and publicly supported economic think tank - released its list of “Best Performing Cities 2009: Where America’s Jobs are Created and Sustained.” The annual report is an economic performance index and cities were ranked based on how well they create and foster jobs. The data used in the assessment reflects both long- and short-term measurements of employment, wage/salary, and technology growth.

NC was well represented on the list. Nationally, Durham ranked as the 6^th Best Performing City while Raleigh ranked 10^th. Fayetteville’s #31 ranking this year represents a jump from 52^nd place in 2008. Doug Peters, Fayetteville Chamber of Commerce President, affirmed “This type of recognition from outside sources is great for the city of Fayetteville and the entire County. It’s time that people see Fayetteville as a major player in the economic development of the State.”

Durham, Raleigh and Fayetteville top the list of NC cities, 1^st, 2^nd, and 3^rd respectively. Once again demonstrating that whether you purchase a home in or around Fayetteville as a primary residence, a second home, or as a real estate investment, the outlook is good!

First Time Homebuyer Workshop Scheduled for Fayetteville Area

Are you ready to take advantage of an historic homebuyers market and buy your very own home?

Do you know about the $8,000 tax credit for 1st Time Homebuyers which has been extended until April 2010? 

Do you know what Down Payment Assistance Programs are available?

Then you will want to clear your calendar and make plans to attend the December First Time Homebuyer Workshop on Saturday, December 19, 2009 from 8:30 to 4:30 to be held at Myers Recreation Center, 1018 Rochester Drive.

Preregistration by 12-16-09 is required. Call 910.323.3192 for details!