My review of the East Bay Food Fight to Benefit the St. Vincent de Paul of Alameda County
I had a great time. We arrived early and there were lines to get in. It was nice to be able to get your tickets ahead of time and stand in line so once you got in you could sample the small dishes without delay. The lines formed fast but we were able to make the rounds without having to wait early on.
Like all events like this some people are not sampling but making it their dinner so some vendors did run out towards the end of the event. Too bad we haven’t learned to share.
I saw Sal Castaneda from Channel 2 and had a photo opp I couldn’t pass up. Always fun to see a “local celebrity” He was there to facilitate the auction at the end of the event.
Two restaurants I now plan to visit are Zut on Fourth and Tay Ho on 12th St in Oakland. Loved the food at both. For the others, I was familiar with their cuisine and it was definitely the draw for me to attend.
Glad it was sold out, surprised I didn’t see anyone I knew and afterwards a lot of friends said they would have gone had they known.
My only complaint was it was very hard to hear the announcers during the competition and I was seated in front of the big screen next to the VIP section. The battling chefs were Jonathan Luce from Bellanico Reaturant vs Rick Hackett from Bocanova, Dean Dupuis from Pican vs Banks White from FIVE, and Matt Colgan from A Cote, versus Nikki Shaw, owner of Flavor Catering Company.
The best part of the day was knowing the proceeds went to benefit the St. Vincent de Paul of Alameda county Kitchen of Champions Culinary Training Program. The jambalaya was a hit and they were working hard to plate food for the crowds.
Looking forward to this being a yearly event and hope it gets moved to the new building facing the water:)
What about FHA Loans with a cosmetic repair allotment. Is this possible?
The other day a client found a house that a builder started but didn't finish. The builder/owner was offering a credit towards completing the repairs through escrow and during our conversation about the house, I told her she should also talk to her lender about FHA Loans that offer a credit towards cosmetic repairs.
Here is how it works, compliments of Paul Laterza Sr. Mortgage Consultant NMLS# 281572 Mortgage California
I’m pleased to announce the release of our in-house FHA Streamline 203K product!
This is an FHA first mortgage with additional funds available for cosmetic repairs. We are offering this product as a direct lender and mortgage banker. The streamline 203K has the same credit and underwriting guidelines as an FHA loan with the exception of the eligible improvements. With up to $35,000 in additional funds to repair the subject property, there are only 2 disbursements. There is not a minimum rehabilitation loan amount but there is a minimum loan amount of $75,000. FHA loan limits apply and the total maximum loan amount, including repairs, cannot exceed the maximum allowed by the county.
Type of eligible improvements:
· Repair/Replacement of roofs, gutters and downspouts
· Repair/Replacement/upgrade of existing HVAC systems
· Repair/Replacement/upgrade of plumbing and electrical systems
· Repair/Replacement of flooring
· Minor remodeling, such as kitchens, which does not involve structural repairs
· Painting, both exterior and interior
· Weatherization, including storm windows and doors, insulation, weather stripping, etc.
· Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
· Accessibility improvements for persons with disabilities
· Lead-based paint stabilization or abatement of lead-based paint hazards
· Repair/replace/add exterior decks, patios, porches
· Basement finishing and remodeling, which does not involve structural repairs
· Basement waterproofing
· Window and door replacements and exterior wall re-siding
· Septic system and/or well repair or replacement
Requirements:
· 100% cosmetic
· cannot be used for structural alterations or reconstruction
· Self Help option is not available
· Work must be started within 30 days of close of escrow and completed within 6 months of closing
· Borrowers cannot be displaced from the property for longer than 30 days
· Contingency reserves: A contingency reserve of 10% is required
LTV/Loan amount determination lesser of:
· · Sales price or “as is” appraised value plus repair costs minus sales concessions or
· · 110% of “as completed” appraised value
· · To determine loan amount multiply by 96.50% (for Purchase)using the option above for value
Appraiser completes appraisal:
· When ordering an appraisal, the appraisal dept must be informed the loan will be a 203K Streamline loan. Only one appraisal is required as long as the appraiser comments on the following:
· “as is” establishing the value of the property prior to any rehabilitation
· “After Rehab” or “as completed” appraisal establishing the value of the property after the rehabilitation work has been completed
· A final completion inspection will be required if renovation is >$15,000
· HUD REO’s may require a 2nd appraisal
Other notes:
· Borrowers must use a contractor and have a W-9 from the contractor and a copy of contractor’s license.
· If cost of the renovation is >$15,000 a completion inspection is required by FHA Inspector
· Work must be started within 30 days after closing and must be completed within 6 months.
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Example: Purchase of a 1-Unit property with 96.50% LTV/CLTV |
|
|
Purchase and Renovation costs |
|
|
Sales Price |
$ 120,000.00 |
|
Labor/Material |
$ 24,500.00 |
|
Contingency (10%) |
$ 2,450.00 |
|
Soft Costs (permits, consultant fees, inspection fees, PITI, etc.) |
$ 2,420.00 |
|
Supplemental Origination Fee (greater of $350 or 1.5% of the renovation costs |
$ 440.55 |
|
Total for Purchase and Renovation |
$149,810.55 |
|
“As-completed” value (determined by appraiser) |
$160,000.00 |
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Value to use for determination of LTV must be the lesser of the total cost of renovation or the “as-completed” value. In this example, $149,810.55 is less than $160,000, therefore the value you must use when determining the maximum loan amount is $149,810.55 |
|
|
Maximum Loan amount at 96.50 |
$144,567.00 |
For more information, Paul can be reached at:
Paul Laterza Sr. Mortgage Consultant NMLS# 281572 Mortgage California
Telephone (925) 639-1112 | Private Fax (408) 335-1098 paullaterza@mortgagecalifornia.com www.mortgagecalifornia.com/paullaterza
Dancing under the Stars at Jack London Square this Summer
It's back...Dancing under the Stars at Jack London Square this Summer. What a fun thing to do on a starry night out on the town. It used to be a small group of attendees but the last couple of years the word has gotten out and now there are so many people who attend this free event, make it easy on yourself and pay for parking at Jack London Square so you have more time to sign in and grab your dance spot in the plaza.
Every week is a different dance. Tonight, the group is fesaturing Swing Dancing.
Swing These Details Baby:
Friday, June 24
8:30 PM to 10:00 pm(Dance lessons begin at 8:30 p.m.. Dance party follows at 9:15 p.m.)
Foot of Broadway
The free dance lesson are provided by the Linden Street Dance Studio!
Here is my tip: If you laugh and smile and have such a good time you can't wait until next week, then get yourself down to the Linden Street Dance Studio , during their free group lessons. I did:)
(This is one post of many to help spread the word about local small business in Oakland and the greater East Bay. Elisa Uribe, Realtor).
A good friend and big supporter of the symphony told me about this event. She went last year and said it was terrific.
So, join the Oakland East Bay Symphony at the Craneway Pavilion inside the historic Ford Point Building on the waterfront in Richmond for a patriotic, family-friendly celebration featuring live music, food and fireworks.
Here are the details:
The live music begins at 6:30 p.m. featuring opening performances by Khalil Shaheed and Oaktown Jazz Workshops and Hilltop Community Church Choir. At 8:00 p.m. the Oakland East Bay Symphony will begin its America's Independence Day program of songs that also features pianist Misha Galant, who was last year's Junior Division winner of the OEBS Young Artist Competition. The Symphony's set will end as the city of Richmond's Firework Display launches over the water. The symphony is conducted by Music Director Michael Morgan.
What about food?
The Craneway will offer an Independence Day themed concession menu. The adjacent restaurant, The Boiler House, will feature full-menu dining beginning at 5:00 p.m. and remain open prior to and during the July 3rd event. Reservations are highly recommended. Beer, wine and additional beverages will be available. No outside liquor will be permitted.
Logistics:
The Craneway Pavilion is located at 1414 Harbour Way South in the Marina district of Richmond and can be accessed from the 580 freeway. The wharf area and parking (general and premium available) open at 5:00 p.m., and the Pavilion will open at 6:30 p.m. Seating is limited and will be available on a first-come, first-served basis. Guests are encouraged to bring their own blankets and chairs.
Anyone have a great firework photo I can use for my blog:)
(This is one post of many to help spread the word about local small business in Oakland and the greater East Bay. Elisa Uribe, Realtor).
Enter the "I CHOOSE OAKLAND" IN PHOTO OR VIDEO and you can win 2 round trip tickets on Southwest Airlines to fly two friends to Oakland, along with 2 nights at a local hotel.
Lots of other prizes. The contest is live on the city's new Facebook page. Last day to submit is July 10, 2011. For all the details, including eligibility and rules, check out the Contest tab on the city's new Facebook page, or just click here.
Elisa is a full time Realtor in the east bay working with buyers and sellers in cities like Oakland, Berkeley, Emeryville, Alameda, and El Cerrito. Property Management Services available.
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