The EBA Way - A Better Way to Buy a Home

Incentive for HomePath® Properties Complements Ongoing Efforts to Stabilize Neighborhoods in Fayetteville and Across the Country

News Release - April 27, 2010

WASHINGTON, DC — Fannie Mae (FNM/NYSE) today announced the extension of its seller assistance incentive on all Fannie Mae-owned HomePath properties. Buyers will receive 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of selected appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on www.HomePath.com by June 30, 2010. Read Complete Press Release.

3.5% Closing Cost Assistance and Appliance Incentive Extended Through June 30, 2010

Fannie Mae is extending the 3.5% incentive for homebuyers who purchase and close on a Fannie Mae-owned home by June 30, 2010. Buyers purchasing properties listed on HomePath.com will continue to be offered an incentive of up to 3.5% of the final sales price to be used towards one of the following:

• Closing costs
• The purchase of new Whirlpool^® appliances
• A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%.

Eligibility

To be eligible for this incentive:

• Property sale must close on or before June 30, 2010
• Buyer must be an owner-occupant (second homes are eligible as long as they are owner-occupied) -- investors are excluded

The incentive reinforces Fannie Mae's commitment to stabilizing communities and assisting buyers. For more information about this incentive, visit HomePath.com.

Fayetteville Housing Trends - 1st Quarter 2010

We love City View Magazine and now that it's on-line, we can always stay on top of what's happening in and around Fayetteville. This mont, make sure to check out the April 2010 Issue of City View - Fayetteville's Lifestyle Magazine, on line now! which features: Everything you need to know about the Dogwood Festival

It may come as a surprise but did you know that not All Real Estate Agents Share Our Pro Buyer Philosophy?

You have heard many times, “Buying a home is usually the biggest financial purchase a person will make.” That said, you may not know it but you need an agent that is truly working for YOU. But, not all agents are created equal. In fact, many home buyers find out the hard way that their agent wasn’t working for them at all.

In a recent My Money segment on Lifetime Television’s, The Balancing Act, Beth Troutman discusses with Kimberly Kahl, Executive Director of the National Association of Exclusive Buyer Agents and NAEBA President and Exclusive Buyer Agent, Benjamin Clark. Some of the benefits a buyer can expect to receive when choosing to work with an exclusive buyer agent, not just at contract time, but throughout the entire process of buying a home. If you missed the segment, or you want to view it again, simply click the link:

The Smartest 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!