Beverly-Hanks & Associates REALTORS®

With today’s combination of lower home prices, some of the lowest interest rates the industry has ever offered, and the $8000 tax incentive for first-time buyers, buying a home has never been so attractive. The only real hurdle left for many Americans is coming up with a down payment. With this in mind, we’ve put together some of the most frequently asked questions we get about down payments in today’s market.  

Q. Are there any no-down payment programs left?

Yes. While it’s true that most of the popular no-down payment programs disappeared in the wake of the subprime mortgage collapse, there are still two longstanding government-backed programs that offer mortgages with no down payment: the USDA Rural Development Program and the VA Loan Program.

A USDA Guaranteed Loan is a government-insured, 100% purchase loan. This means there is no down payment required if you – and the house you intend to buy – qualify for the program. Not all areas qualify, but you’d be surprised at how many neighborhoods in your area do. There are income and other limitations, but if coming up with a down payment is challenging, you might want to consider this program.

If you or your spouse is a military veteran, you may qualify for a 100% financed loan from the US Department of Veterans Affairs. More than 29 million veterans and service personnel qualify for this service benefit. Give us a call to find out if you’re one of them.

Q. Are there any other government-insured programs that can help someone struggling with a down payment?
Yes. In 1965, the federal government created the FHA loan programs to encourage homeownership throughout the country. FHA-insured mortgages offer many benefits, including a minimum down payment of 3.5%. FHA-insured loans have grown in popularity recently due to the seller’s ability to pay closing costs up to 6% and a temporary increase in loan limits up to $729,750 in certain high-cost areas, which allows more potential buyers to utilize this program.

Q. May I use a gift from family members as part of my down payment?
Yes. In many cases, immediate family can provide monetary gifts to be used as a down payment. There are restrictions of course, and strict documentation will be required, but we will gladly walk you through the finer details of this process. Be sure to mention this option when you’re filling out an application with us.

Q. May I use funds from my IRA for my down payment?
Yes. First-time home buyers can use funds from an IRA under certain circumstances for a down payment. The rules regarding this option, however, can be complicated, especially with a Roth IRA, and it’s important to understand any and all tax implications before tapping into these accounts. Please talk to your tax professional before making any decisions. If you don’t have one, we’ll gladly refer you to one we work with on a regular basis.

Q. May I use the $8,000 tax credit as my down payment?
No. At the time of the writing of this article, qualified first-time home buyers do not have direct access to the $8,000 credit to use as a down payment. In May, HUD officials made an announcement to the contrary, but statements backing the announcement were quickly withdrawn from the HUD website. This doesn’t mean that HUD and lawmakers will not allow this in the future. We’re following this issue closely and will let you know if anything changes. Just keep reading our newsletters and other materials we send to you or give us a call and we’ll let you know if any progress has been made.

Submitted by Beverly-Hanks Mortgage Services Team

Asheville will become home to The Cooperative Institute for Climate and Satellites, bringing $32 million to the local economy and potentially up to 100 scientific jobs over the next five years.

The Institute will be housed in The National Climate Data Center, already located in downtown Asheville.  The Center is part of the National Oceanographic and Atmospheric Administration. The new Institute will use data from U.S. weather satellites and other land weather and radar records to track climate changes.   N.C. State University researchers also will work in Asheville to analyze climate data  records kept at NCDC.

Local leaders have supported this project in an effort to promote Asheville as a world center for scientific climate research.

Read the Full Article here: http://www.citizen-times.com/apps/pbcs.dll/article?AID=2009905280355&source=nletter-news

Submitted by: Beverly-Hanks Relocation Team

While weaker than expected economic data pushed mortgage rates lower last week, concerns about the coming supply of debt needed to pay for government programs moved mortgage rates higher this week, leaving rates nearly unchanged over the past two weeks.

This week, the economic data had little impact, but mortgage rates moved higher for a variety of other reasons. The Treasury announced a huge $101 billion in auctions next week, meaning additional supply for the market to absorb. Compounding the problem, the UK was placed on the watch list on Thursday for a possible downgrade of the credit rating for its debt, due to its high level of government debt. A lower credit rating implies greater risk, pushing yields higher. Investors are now concerned that the US also may be at risk of a downgrade. Finally, there was hope that the Fed would step up its asset purchases, but the Fed held steady its level of Treasury and mortgage-backed security (MBS) buying this week, disappointing many investors.

The housing data released this week was mixed. While April Housing Starts and Building Permits fell to record lows, the weakness came from multi-family units. Construction of single-family homes actually rose 3% from March, its second consecutive monthly increase. In addition, the National Association of Home Builders (NAHB) May confidence index rose to the highest level since September 2008.

Last week, the Secretary of the Department of Housing and Urban Development (HUD) announced that home buyers would be able to use the $8,000 first-time homebuyer tax credit for down payments on FHA loans through the use of bridge loans. HUD also posted the information on its website (HUD Mortgagee Letter 09-15). Since then, HUD has completely removed the information from its website. While no official explanation has been given, it appears that HUD and the IRS need more time to research the details of the program before moving forward.

Next week, there will be Treasury auctions on Tuesday, Wednesday, and Thursday. Existing Home Sales and New Home Sales will come out on Wednesday and Thursday, respectively. Durable Orders, an important indicator of economic activity, will be released on Thursday. The Chicago PMI national manufacturing index is scheduled for Friday, along with the first revision to first quarter Gross Domestic Product (GDP). Consumer Confidence and Consumer Sentiment will round out the economic reports. Mortgage markets will be closed on Monday for Memorial Day.

Copyright @ 2009 MBSQuoteline

Submitted by: Beverly-Hanks Mortgage Services Team

Announcing Beverly-Hanks & Associates Job Loss Protection Program

We are proud to introduce the implementation of a job loss protection program for home-buyers today.  “This is a great time to buy Real Estate! Interest rates are near all time lows and the market offers good value and selection,” advises Neal Hanks, Jr., Owner and President of Beverly-Hanks & Associates, “Beverly-Hanks is proud to be one of the first real estate companies to offer Job Loss Protection to help buyers (via home sellers) make real estate decisions with a greater degree of confidence. This program will be the difference many customers are looking for to proceed with their real estate plans.”

Many potential homebuyers are concerned about what might happen if they were to lose their job.  Beverly-Hanks & Associates’ new Job Loss Protection program, part of the service called HELP (Homeowner Education and Loan Protection) from Rainy Day Foundation, will help ease the worry.  It’s provided by the seller.

The Job Loss Protection portion of HELP will assist buyers who purchase a Beverly-Hanks listing covered by Job Loss Protection in the event  of an involuntary job loss within the first 24 months of the loan. The program covers mortgage payments up to $1800 per month for up to 6 months. HELP also offers 6 months of phone counseling and monthly educational newsletters.

Job Loss Protection is an important and timely service that gives sellers a way to differentiate their property and give buyers the confidence to purchase.

For additional information about this new program, visit http://www.beverly-hanks.com/job_loss_protection_program or contact your Beverly-Hanks Realtor today!

This Sunday, May 17th our agents are hosting a Spring Tour of Homes.  Almost 200 homes and communities will be open to the public from 2:00 - 4:00 PM.  Just look for the balloons on our signs throughout Buncombe, Henderson, Haywood, Madison and Rutherford Counties.  

Visit www.beverly-hanks.com/search/results/openhouses and see all of the homes that will be open this weekend. Did you know you can even plan your trip? After selecting the homes you would like to visit, click on “Compare Selected”, then you will see a link to Plan Your Trip. This is extremely helpful when planning your drive.  Please note that many of the newer properties may not be mappable so this feature may not work for the newly built homes.

If you are a first time homebuyer or haven’t owned a home in the past 3 years, you can now use the $8,000 tax credit as a down payment on your home. With great inventory, competitive pricing and the tax credit, there really has never been a better time to buy! 

We look forward to meeting you this Sunday at the Spring Tour of Homes!

Rose Hill Plantation in NW Asheville Introduces Spring into Action Savings

Healthy Living at Affordable Prices

Single family 2 & 3 bedroom homes now priced from $279,000 for a limited time only

Northwest Asheville is Asheville, NC, May 13, 2009 – Rose Hill Plantation, Asheville’s first single family thoughtfully planned ‘Healthy Living Community,’ is now also Asheville’s best buy. For a limited time, ready to move-in two and three bedroom homes, or new built homes are priced from $279,000 plus a $5,000 move-in decorator allowance on existing inventory, representing a price savings of more than 15%.*

From the ground-up Rose Hill Plantation is unique in its dedication to fostering an invigorating, healthy, and sustainable lifestyle for active adults.The enclave of 103 single-family detached-homes is nestled into a pristine parcel of land and surrounded by breathtaking vistas in Northwest Asheville, just 10 minutes from the city’s vibrant downtown. Of the gated community’s 58 acres, more than 40 acres are in a conservation easement that includes dedicated walking trails and communal gardens. Taking its lead from the surrounding beauty, Rose Hill Plantation offers homeowners the chance to preserve the allure of the mountains and contribute to the sustainable quality of life in the greater Asheville area. “Rose Hill Plantation is the premiere healthy living community for the Asheville area and now it is clearly the best value,” said onsite Realtor, Debbie Kelly with Beverly-Hanks & Associates. “It is the only single-family community that offers a detached home with maintenance-free living in a gated community for under $300,000. This limited-time pricing combined with the healthy lifestyle amenities make it the most compelling new community in Asheville,” added Kelly.

The Sales Center at Rose Hill Plantation is now open and new homes and model homes may be previewed. The Club House and walking trails are complete, and also under construction, scheduled for a summer opening, is a unique “Green Showcase Model Home” where homebuyers can preview green friendly upgrades that can be added to any new home prior to construction. These upgrades are designed to enhance the healthy environment, contribute to energy cost savings and help reduce carbon emissions.

Life at Rose Hill Plantation

Homes at Rose Hill Plantation are now priced for a limited time from the high $200s to the low $400s. Each of the single family one and two story cottage-style homes range from approximately 1387 to 2430 square feet and offer two and three bedroom plans with garages and some have the capability of a finished lower level. In addition, the homes at Rose Hill Plantation offer a maintenance-free environment within a lock-and-leave setting in a gated community, providing the advantages of a condominium lifestyle while retaining the privacy of a single family home. The community’s common focus on ‘healthy living’ is an important distinguishing feature. From its sustainable development elements, such as alternative power choices and rainwater collection programs; to its energy and resource efficient appliances, to hands-on activity programs, such as a community garden and outreach programs, the entire village is built with discerning standards for conservation and healthy living. The sustainable-focused group of amenities and services include: individual garden plots and programs that interact with local farmers to discuss best practices for gardening; a water retention and re-use program that incorporates individual rainwater collection barrels; more than 40 acres of natural habitat that also provide a natural animal habitat; a stocked pond for fishing and relaxing; wildflower gardens and natural herb gardens; a saline swimming pool; a tennis court; a fitness center and club house; as well as a Healthy Living Manager to help plan community events and community outreach.

Rose Hill Plantation is the development of Jeff Glover who is dedicated to building healthy living communities and is a Platinum Member of the Western North Carolina Green Building Council.

For more information or to visit Rose Hill Plantation call the sales office at: 828.337.2212 or register online at www.rosehillplantation.net.

The Sales Office is open seven days a week and is located at 3041 Leicester Hwy. (Hwy.
63) Leicester, NC 28748

*Offer is subject to availability and for a limited time only.

(SalisburyPost.com) ASHEVILLE — The transformation of Asheville’s downtown over the past 25 years has been organic and incremental, seemingly one building and one street at a time.

It ultimately found a synergy with developers, independent businesses and a burgeoning arts community.

Meanwhile, architectural landmarks that avoided the wrecking ball long ago now stand as integral parts of the landscape — the structures maintaining Asheville’s sense of place against the backdrop of this beautiful mountain region.

Courage and vision brought Asheville’s downtown back to life from a time in the 1970s when four of its five department stores left and there was a 70 percent vacancy rate in downtown stores, Councilman Carl Mumpower said.

“We’ve kept our heart,” Mumpower added. “We haven’t torn down Asheville. … Our architecture makes a tremendous difference.”

Harry Weiss, urban projects director for Public Interest Projects Inc., said a watershed moment came in the ’70s when a developer made a $40 million proposal to tear down a historic six-block area in the inner city for an enclosed mall.

Residents voted down the referendum connected with the project by a two-to-one margin, and city leaders refocused on making downtown Asheville a place to live, work and play.

Judging from the people on Asheville’s streets, it seems to be working.

But there’s always resistance. Weiss said the de facto motto for Asheville and any other city could be, “That will never work here — don’t even try.”

“It takes a lot of effort to overcome that inertia,” he said.

Downtown Salisbury Inc. chartered a bus last Thursday to make a second out-of-town trip in two weeks — this time to meet with Asheville officials and walk the downtown.

A similar Salisbury group also traveled to Greenville, S.C., April 23.

With those trips now under their belts, the downtown Salisbury stakeholders will meet at the Rowan Museum May 28 to share some of their impressions — things they saw in the two cities that might work in Salisbury.

It’s all part of DSI’s update of its 2001 Master Plan.

“This is the start of the process,” DSI President Dick Huffman said.

Huffman, an attorney, said one of the things he liked about the trips to Greenville and Asheville was that it reinforced for him how far Salisbury has come in building a strong downtown.

The trips showed him the importance of public art and the need for ongoing events. He also came away envious of Greenville’s Falls Park and Asheville’s developing Pack Square Park and wishes Salisbury could have more green space downtown.

The trips left strong impressions with Huffman on the value of having places for people to congregate.

The Asheville region has two significant drawing cards — the Blue Ridge Parkway and the Biltmore Estate — but through the years its downtown has become a destination point by itself.

And in that time, Urban Planner Stephanie Monson said, the downtown has seen some $400 million in new investment.

As part of their Asheville tour, the Salisbury group saw and heard discussions on places such as the Grove Arcade, Flat Iron Building, Asheville Civic Center, the Fine Arts Theater, Pritchard Park, Wall Street, The Orange Peel nightclub and Pack Square.

They walked past and visited strong independent merchants such as Tops for Shoes, Malaprops Bookstore, Chocolate Fetish, Laughing Seed Cafe, Tupelo Honey Cafe and Barley’s Taproom.

As with Greenville, the sidewalks outside of restaurants were filled with diners. Musicians took spots along the streets to play for money.

The Salisbury group heard of successes experienced by Public Interest Projects Inc., a for-profit entity established by philanthropist Julian Price, who wanted to see some of his capital invested locally in business and real estate projects that benefited the community.

The Salisburians also viewed the continuing construction of the 6.5-acre Pack Square Park, a $20 million project that will establish a mostly green gathering spot in the heart of the city.

The park project has been plagued by delays.

Residential living downtown keeps growing. Officials Thursday judged the downtown core’s population in this city of 74,000 to be about 1,500 people. Weiss said there were seven residential projects in 1990 compared to 32 in 2007.

The sight of people attracts other people, Weiss said, adding that having residents and visitors in the downtown create energy and have a multiplier effect. They help give a feeling of safety and comfort by having more eyes on the street around the clock.

Weiss told the Salisbury group that downtowns have to encourage walking. “The pedestrian experience is the key,” he said. “… Anything that discourages walking to the next block is treated like a public enemy.”

Weiss said small but important elements in downtown Asheville’s success were passing liquor by the drink, approving sidewalk dining and building public parking garages despite opposition.

Cities have to address parking almost like a public utility, according to Weiss. Some downtown housing projects have zero parking available, so working out arrangements with the city are paramount, he said.

Monson, the urban planner, said a perception persists that no parking is available downtown, even though parking garages often have plenty of spaces.

“The city always gets slammed on parking,” she said. “People can’t find it.”

Many of the downtown parking spaces also are tied up in privately owned lots, and the towing of cars has become a public-relations concern.

The downtown still relies heavily on on-street parking meters, seen as important in making sure spaces keeping turning over.

Cathy Ball, director of engineering and traffic, said Asheville has discussed offering a parking reservation system in which a person coming to the downtown could go online, pay for and reserve a space and print out his parking pass.

The visitor could display that pass in his car when he arrived and claimed his space.

Better wayfinding signs also will be a great help in the future in getting motorists to the city’s parking garages, Ball said.

The Asheville hosts took time Thursday to point out some of their other challenges.

Monson described problems with vacant, city-owned properties; panhandlers; graffiti; art trail maintenance; an aging civic center; newspaper boxes; finding a balance between tourists and residents; and drug dealers and public urination in Pritchard Park.

Asheville’s history and art trail was a model for Salisbury’s.

“Everybody’s copied everyone’s urban trail,” Monson said.

Though the 35-year-old Asheville Civic Center may be a bit tired looking and has delayed maintenance issues, it’s always booked, according to Monson. Some outside consultants have said, “It’s so ugly that it’s cool — keep it,” she added.

The city has placed several “Spare Change for Real Change” collection boxes in the downtown, encouraging people to drop their coins there instead of giving them to panhandlers.

The boxes collect about $400 a month, and proceeds are directed to homeless initiatives.

Full article

The New York Times writes about the lure of Western North Carolina and Asheville Real Estate:

ASHEVILLE, between the Blue Ridge and the Great Smoky Mountains in western North Carolina, has been called the San Francisco of the East and the Paris of the South. While it may or may not live up to those expectations, its politics are diverse and progressive, its music and art are ubiquitous, its food is taken seriously, and its architecture is impressive.

Add a backdrop of rolling mountains, four seasons of moderate weather and four navigable rivers, and it’s easy to understand why tourism, second-home ownership and retirement have thrived there.

Real estate agents estimate that about 90 percent of second-home and retirement buyers are from out of state, and they say that people who once would have chosen Florida, California and Texas, as well as points farther north, are looking at Asheville homes instead. Buyers tend to discover the city of 74,000 as tourists, then buy second homes before relocating permanently.

This trend is in keeping with the city’s history. In the late 19th and early 20th centuries, Asheville’s mountain air attracted visitors for health reasons. And in its heyday, the Biltmore Estate, the chateau-style mansion built by George Washington Vanderbilt in the late 19th century, hosted guests from around the world. Many of these visitors ended up buying property, eventually becoming residents.

Source: NY Times : Full article

The big news around the small town of Weaverville, NC:

The mall is coming to town.

Northridge Commons in Weaverville is set to open with Lowe’s Home Improvement store opening in May and Wal-Mart following right behind on June 17.  The Weaverville ABC store will open in October and in the same area a new CVS Pharmacy is being readied for operation complete with drive through pharmacy service.

Not to be outdone, Ingles our area’s supermarket giant has enlarged their Weaver Blvd. location by 18,000 sq. ft. with drive through pharmacy, permanent garden center, and a three bay laser car wash all to be completed by mid-May.

All of this to provide new and outstanding service to the residents of Weaverville, Northern Buncombe, Madison and Yancey counties as well as those folks in Erwin, TN.  Northridge Commons brings just a few more reasons to consider buying a home in these areas where you still have the comfort of a small town and the conveniences of a larger city.

Submitted by:
Pete McHugh, Managing Broker
Beverly-Hanks & Associates

Now that spring is here local farmers’ tailgate markets have opened all across Western North Carolina.  The markets began opening around April 15 at a variety of locations in Asheville and the surrounding counties and will continue through most of the fall.

Farmers’ tailgate markets provide fresh, locally grown vegetables and fruits, artisan cheeses, baked goods, herbs and flowers.  Each market is different.  Shoppers can meet the farmers and put a face to the growers of the food they buy.  Visiting the markets can be an inexpensive and fun family outing.

Buying locally grown food helps mountain farmers remain in business, enhances the economy of rural communities, and lessens the environmental impact of food consumption.

For a schedule of tailgate markets visit  http://www.buyappalachian.org