Beloved, Bought, & Born-again

I Peter 1:1 Peter, an apostle of Jesus Christ, to the strangers scattered throughout Pontus, Galatia, Cappadocia, Asia, and Bithynia, 2Elect according to the foreknowledge of God the Father, through sanctification of the Spirit, unto obedience and sprinkling of the blood of Jesus Christ: Grace unto you, and peace, be multiplied. 3Blessed be the God and Father of our Lord Jesus Christ, which according to his abundant mercy hath begotten us again unto a lively hope by the resurrection of Jesus Christ from the dead, 4To an inheritance incorruptible, and undefiled, and that fadeth not away, reserved in heaven for you, 5Who are kept by the power of God through faith unto salvation ready to be revealed in the last time. 6Wherein ye greatly rejoice, though now for a season, if need be, ye are in heaviness through manifold temptations:
I Peter 2:8 And a stone of stumbling, and a rock of offence, even to them which stumble at the word, being disobedient: whereunto also they were appointed. 9But ye are a chosen generation, a royal priesthood, an holy nation, a peculiar people; that ye should shew forth the praises of him who hath called you out of darkness into his marvellous light; 10Which in time past were not a people, but are now the people of God: which had not obtained mercy, but now have obtained mercy.