Many hardworking North Carolina families don’t earn enough to afford an average-priced home in their community.  Real estate professionals with Coldwell Banker Sea Coast Realty recently earned the North Carolina Workforce Housing Specialist certification and learned about programs that can help teachers, firefighters, nurses, and other service workers in our community achieve the dream of home ownership. 

Brett Adams, Cathi Anderson, Carolyn Dunwell, Paul Dunwell, Tom Gale, and Amy Whetsel from Coldwell Banker Sea Coast Realty’s Wilmington office earned the certification.  Homes4NC, a housing foundation created by the North Carolina Association of REALTORS®, offers the certification to REALTORS® who take extra steps to learn about the federal, state and local housing programs specifically designed to help buyers that earn less than the area median income.  They also work within the community to increase housing affordability for all citizens.   

“My wife is a teacher, so I hear from her colleagues all the time about how hard it is to find affordable housing,” said Tom Gale.  “With the training we received, I know about more lending programs that can help them.”

According to Homes4NC, wages in North Carolina are not expected to keep pace with the cost of housing.  Half of the state’s future jobs are expected to pay 60% of the state’s current average earnings.

To earn the certification, REALTORS® must complete sixteen hours of educational courses that focus on national, state, and local affordable housing resources. For more information about the North Carolina Workforce Housing Specialist certification, visit www.Homes4NC.org.

Grand Opening! Thursday, June 3, 2010

Join Coldwell Banker Sea Coast Realty this Thursday, June 3, 2010, 5-7pm, for a FREE, fun-filled, family-style event to celebrate the grand opening of our newest office in Hampstead, NC. 

The fun will include:
* Burgers and ‘dawgs from the Sawmill Grill
* Inflatable bounce house & slide
* Prizes
* Games
* Hula hoops

Sponsored by Alpha Mortgage.

VA Appraisal

Everyone wants to get good value for their money when they make any type of a purchase, especially if the purchase is several thousand dollars!  To ensure that a veteran is not paying more for a house than what it is worth, the VA requires a VA Appraisal.

The VA will not guarantee a home loan unless the property is appraised (for value) by a VA-assigned fee appraiser.  The required VA Appraisal can be requested by the buyer, seller, real estate agent, or lender (normally, the lender is the requester) by completing and submitting a VA Form 26-1805, Request for Determination of Reasonable Value.  Upon completion of the appraisal, the requester pays for the appraisal according to a fee schedule approved by the VA.  This VA Appraisal estimates the value of the property. 

The VA Appraisal is not an inspection and does not guarantee that the house is free from any defects.  A home inspection can be completed by a qualified home inspector to determine what, if any, problems or defects exist.  The VA only guarantees the loan, not the condition of the property.

Closing Costs

When purchasing a home, closing costs must be paid in cash for such items as the title search, recording fees, hazard insurance premiums, and prepaid taxes.

If I want to refinance, do I still have to pay these costs in cash?
Normally when refinancing a VA loan, closing costs may be, but are not required to be, included in the loan amount, as long as the total amount of the loan does not exceed the value of the property.  A loan with the purpose of reducing the interest rate on a loan may include closing costs and include a maximum of two discount points.

Points, sometimes called “discount points”, are a form of pre-paid interest.  One point equals one percent of the loan amount.  Borrowers can offer to pay points as a method to reduce the interest rate on the loan, thus obtaining a lower monthly payment.  For each point purchased, the loan rate is typically reduced by 1/8%.

Law requires that a VA funding fee also be associated with a VA guaranteed loan.  The fee is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers.

Required Occupancy

One requirement for eligibility for a VA home loan is required occupancy.  That means that the veteran (or the spouse of an active duty service member) applying for the loan must certify that he or she intends to occupy the home as a primary residence.  However, when refinancing a VA guaranteed loan to reduce the interest rate, only prior occupancy must be certified.

H.C. “Hutch” Hutchison, Ed.D., retired from the U.S. Army in 1991, after more than twenty-two years of active duty.  Since then, the former helicopter test pilot and aviation maintenance officer has earned his third post-graduate degree and taught under-graduate and graduate courses.  In addition to practicing real estate with Coldwell Banker Sea Coast Realty, Hutchison is active in national, state, and local leadership organizations and local chapters of the Vietnam Veterans of America, Veterans of Modern Warfare, Disabled American Veterans, Veterans of Foreign Wars, and United States Army Warrant Officer Association.

The VA Loan Entitlement is the basic amount for which the Veteran’s Administration will insure or guarantee a loan.  The loan entitlement is based on an applicant’s income.

The VA Guaranty Amount varies with the size of the loan and the property location with the VA guaranteeing 25 percent of the principal amount, up to the maximum guaranty.  For the United States (excluding Alaska, Hawaii, Guam and the U.S. Virgin Islands) the guaranty amount is the greater of 25% of $417,000 or 125% of the area median price of a single family residence.  It’s a good idea to check with a lender for current figures.  However, the guaranty amount cannot exceed 175% of the Freddie Mac limit for a loan on a single-family residence in the county where the property is located.  In 2009 the maximum loan amount was $1,094,625.

The initial step in purchasing a home using a VA loan entitlement is to obtain a Certificate of Eligibility (COE), a VA-provided document that certifies your eligibility for a VA home loan guaranty.  There are two ways to obtain a Certificate of Eligibility: online or by mail.

Online:
You can obtain a COE online by first registering at the Veterans Information Portal.  There are instructions for applying for your COE online, but the process can be daunting if you aren’t familiar with all the jargon.  However, try WebLGY first because approximately 56% of attempts result in an immediate COE.  If you find the Internet a little overwhelming, then I recommend working with a lender that has access to the VA’s WebLGY system.  A lender can help walk you through the process and may be able to issue your COE in minutes.  A quick call to a lender can tell you if that lender has access to “WebLGY.” 

As you shop for a loan, don’t limit yourself to just one lender.  Visit three or more and let each lender know you are “shopping,” because competition can result in offers of more competitive loan packages. 

By Mail:
Sometimes the VA does not have sufficient data in its online records.  In that case, you must apply for the COE by mail.  A veteran can obtain a COE by completing VA Form 26-1880, Request for a Certificate of Eligibility, and mailing the form to: VA Eligibility Center, P.O. Box 20729, Winston-Salem, NC 27120.  Just remember, you are dealing with the VA.  It may take time for the VA representative to receive, process and then approve (or reject) your request and then return the COE to you.

Once you receive your COE, you have completed Step 1 of the 7-step process to purchasing a home.  Step 2 is finding a home you wish to purchase.  We will look at that step in the next blog entry.

H.C. “Hutch” Hutchison, Ed.D., retired from the U.S. Army in 1991, after more than twenty-two years of active duty.  Since then, the former helicopter test pilot and aviation maintenance officer has earned his third post-graduate degree and taught under-graduate and graduate courses.  In addition to practicing real estate with Coldwell Banker Sea Coast Realty, Hutchison is active in national, state, and local leadership organizations and local chapters of the Vietnam Veterans of America, Veterans of Modern Warfare, Disabled American Veterans, Veterans of Foreign Wars, and United States Army Warrant Officer Association.

The men and women of the United State military devote themselves to ensuring that freedoms are protected, maintaining peace, and providing relief to those that are enduring hardship.  Benefits of military service can include training in many diverse fields, pride of serving, civilian education, travel and the opportunity to grow as an individual.  One significant benefit that can be derived from military service is the opportunity to obtain an home loan guaranteed by the Veterans Administration (VA).

What is a VA loan?

Banks and other private mortgage companies make a special type of home loan to veterans of the U.S. armed forces.  The Department of Veterans Affairs guarantees a portion of each VA loan and protects the lender’s investment if the borrower defaults.

Who is eligible for a VA loan?*

*To determine individual eligibility visit http://www.va.gov or contact a VA representative.

H.C. “Hutch” Hutchison, Ed.D., retired from the U.S. Army in 1991, after more than twenty-two years of active duty.  Since then, the former helicopter test pilot and aviation maintenance officer has earned his third post-graduate degree and taught under-graduate and graduate courses.  In addition to practicing real estate with Coldwell Banker Sea Coast Realty, Hutchison is active in national, state, and local leadership organizations and local chapters of the Vietnam Veterans of America, Veterans of Modern Warfare, Disabled American Veterans, Veterans of Foreign Wars, and United States Army Warrant Officer Association.

Coldwell Banker Buyer Bonus Sales Event

Home sales surged in March and April as home buyers hurried to take advantage of the federal home buyer tax credit that expired April 30, 2010.  Eager to maintain that momentum, Coldwell Banker recently launched its own home buyer incentive program.

Coldwell Banker Sea Coast Realty hopes its Coldwell Banker Buyer Bonus program will encourage buyers who haven’t found a home yet to continue looking.  It also aims to bring a new audience of home buyers who were unable to qualify for the tax credit into the market. The program offers benefits similar to the federal home buyer tax credit without any income or property eligibility requirements. 

Buyers of participating Coldwell Banker Buyer Bonus homes get a refund of 3 percent (up to $8,000) of the purchase price of their home at closing.  That’s great news for home buyers, because it means less cash that they’ll need when they close on their home.  They also won’t have to wait until tax time to get the money back from the government. 
 
“I think it’s a fabulous idea.  [Glenda Newell] told me about it when I was filling out the listing information,” said Susy King of Wilmington.  This week, she listed her condominium in The Village at Mayfaire with Coldwell Banker Sea Coast Realty sales associate Glenda Newell.  “I saw what kind of activity the home buyer tax credit had, so I immediately said, ‘yes,’ because I want to sell my house.”

“We think the Coldwell Banker Buyer Bonus program will make participating homes stand out from the competition,” says Coldwell Banker Sea Coast Realty president Tim Milam.  He says that since the Buyer Bonus program kicked off last week, several buyers have shown interest in the participating homes.  He expects even more inquiries from home buyers and sellers as print, online, and television advertising for the program ramps up locally and across the nation.

Unlike the federal tax credit, there are no income or property eligibility requirements.  The Coldwell Banker Buyer Bonus program is open to all home buyers and sellers.  The program won’t last forever.  The deadline for making an accepted offer on a participating home is July 31, 2010. 

To search for homes participating in the Coldwell Banker Buyer Bonus program or to read program details, please visit www.coldwellbanker.com/BuyerBonus.

Rosy Hays

Coldwell Banker Sea Coast Realty is thrilled to welcome Rosy Hays to our Jacksonville, NC office. 

“I love Jacksonville,” says Hays on her website.  “In 1992, I came to Jacksonville while in the Marine Corps.  My first weekend here,  I rented a pontoon boat and had my first experience with the beautiful Intercoastal Waterway.  Well, I knew this would be my forever home.” 

Prior to becoming a real estate professional several years ago, Hays earned a degree in business management from Mount Olive College and worked in the mortgage industry for eight years.  She also speaks German.

“I’ve also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs,” says Hays.

Readers of Wilmington’s Encore magazine have voted Coldwell Banker Sea Coast Realty as Wilmington’s Best Real Estate Company in their “Best of Wilmington 2010″!

Thanks go out to everyone that voted for for us.  Though this isn’t our first “Best of Wilmington” award, we’re still thrilled by this honor.  Our more than 300 agents and staff take great pride in the fact that every year for the last decade, we’ve sold more homes in southeastern North Carolina than any other real estate company.

Check out the nice things Encore had to say about us:

BEST REAL ESTATE AGENCY

The local and national housing markets may have taken a hit due to the recession as of late, but Coldwell Banker Sea Coast Realty is soaring high above the rest with their win for Best Real Estate Agency. Serving the cities of Wilmington and Jacksonville; the coastal communities of Carolina Beach, Topsail Beach, Surf City, Wrightsville Beach, Figure Eight Island, North Topsail Beach, Kure Beach, Bald Head Island, Oak Island, Ocean Isle Beach and Holden Beach; and coastal communities, including Porters Neck, Southport, Sneads Ferry, Leland, Scotts Hill, Hampstead, Holly Ridge, Camp Lejeune, New River, Bolivia, Shallotte, Boiling Spring Lakes and St. James, Sea Coast is without a doubt a leader in its industry. In fact, it is the number-one real estate company in southeastern North Carolina, selling more properties than any area firm for the past eight years.

With 300-plus agents and seven convenient locations (two in Wilmington, on Military Cutoff Road and at Porters Neck) Sea Coast is more than equipped to satisfy anything their customers desire. They can handle relocation needs, from start to finish, and even offer a 100-percent Satisfaction Guarantee. In an ever-changing real-estate climate, Sea Coast has remained true to its roots and continues to offer first-class service with a reputation clients have learned they can trust. Their easy-to-navigate Web site, www.seacoastrealty.com, only adds to what Wilmington recognizes as dependable, up-to-date and quality service.

If you are thinking about buying or selling a home in New Hanover, Brunswick, Pender, or Onslow County, North Carolina, shouldn’t you have the “Best of Wilmington” working for you?  Visit us online at www.seacoastrealty.com or call us at 1-800-522-9624.

Thinking of relocating, but you just aren’t sure? Why not take a “test drive”?

Pat Maloney with Coldwell Banker Sea Coast Realty suggests three great ways that you can get a feel for areas like the NC coast before you make a commitment.

Why not rent a beach cottage during the off-season to get a feel for the area? Pat says it’s a great option, especially if you’re already retired.

If you aren’t retired, but want to test the waters, Pat suggests buying a “little something”, a small home that you’ll use for weekend getaways and family vacations. Then when you do retire, you can decide if moving to the coast is what you have in mind.

For those that are more daring, but still not ready to buy, Pat suggests moving somewhere and renting a home for no longer than 6 months.

With all the natural beauty and friendly folks on the Cape Fear Coast, you’ll be surprised how quickly you feel at home.

For more information, please visit www.seacoastrealty.com or find us on Facebook at www.facebook.com/seacoastrealty.