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Legislative Affairs

BASE Governmental Affairs Directors act as advocates for the development industry and closely monitor activity at the state, regional and local level from the North Carolina General Assembly to city and county meetings - anything that affects the growth and development industry.

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Development Industry

Credibility, Leadership, Expertise..... BASE has a single mission to promote public policies which encourage economic growth, job creation and a healthy real estate, homebuilding, land use and development industry.

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"Unbelievable! BASE was there for us at the beginning, middle, and end providing us with key information and foresight…It's great to see there are organizations like BASE out there that are willing to go the extra mile to satisfy their members." - Jon Vincent, JTV Business & Management Consultant

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 "Well worth the money! I’ve been working in this industry well over 20 years, and this is the lowest cost, highest value work I have ever seen. I always knew the regulatory pressures that our industry faced, but at least now I know that there is an organization fighting and winning on our behalf." - Kevin Hine, Duplin Land Development, LLC, Exec. VP/GM River Landing

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“BASE has been one of the best business decisions I have made!  There is no other organization like BASE that covers such a broad area of issues that affect both residential and commercial interests.” - Steve Niemeyer, CEO Wrightsville Builders

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FHA Upfront Mortgage Insurance to Increase in April PDF Print E-mail
Thursday, 04 March 2010 09:09

It is truly unfortunate that this spring we're going to add yet another obstacle to economic recovery by making it tougher for first-time home buyers to get loans by increasing the amount they have to pay for upfront mortgage insurance and cutting sellers' contributions for closing costs.

Effective on FHA insured loans with case numbers assigned April 5, 2010 or later, the upfront mortgage insurance premium will increase. FHA insured mortgages for purchases and non-streamline refinances will increase from 1.75% of the base loan amount to 2.25% and streamlined FHA refinances (refinancing an FHA underlying mortgage) will increase from 1.5% to 2.25%.

 Additionally, the following changes will also take place with FHA insured loans in early summer:
  • Increasing the down payment requirements for lower credit scores (risk based underwriting).   The HUD Press Release states that those with a 580 score would need a minimum of 10% down payment. 
  • Seller contributions towards allowable closing costs reduced from 6% to 3%.
 Raising out-of-pocket expenses and raising monthly mortgage payments is going to push even more potential buyers out of the market, at a time when the economy, the building industry, taxpayers and local governments could use a boost from increased residential construction. Most critically, the upfront mortgage insurance premium increase will go into effect just 25 days before a home buyer needs to be “in contract” to qualify for the home buyer tax credit.
 

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