Team Newington, Sacramento Mortgage Planner

No more driving to Sacramento or Lodi to go to the Urgent Care!

Now Elk Grove has a new facility for after hours doctor's visits and weekend emergencies!

Drs. Michael Ali, Quinn Li and Allen Lin successfully cut the ribbon Aug. 1 announcing the opening of Elk Grove Urgent Care located at 9045 Bruceville Road suite 100 across from the Wackford Center.

Here is a link to their website:

http://www.elkgrove-urgentcare.com

I will cross my fingers that they take my insurance so I visit this new facility!

Welcome to Elk Grove Drs. Ali, Li and Lin!

This Blog by:

Team Newington
Sacramento Mortgage Planners
(916) 687-6868
www.SuperiorLoanTeam.com

Wilton residents are out in force to defend their territory lines!

About 40 Wilton residents decked out in cowboy hats and bandanas attended Sacramento Local Agency Formation Commission's (LAFCo) first public hearing on the city of Elk Grove's Sphere of Influence (SOI) application. Residents were there to speak out against the inclusion of the Cosumnes River and Deer Creek floodplain in the SOI application and to deliver a petition to protect the floodplain from development.

The Wilton Action Group (WAG) presented 2,763 signatures on petitions including residents from Wilton, Sloughhouse, Rancho Murieta, Rancho Cordova and Galt.

After all the presentations had been made, including statements by Peter Brundage, executive officer with LAFCo, and Donald Lockhart, assistant executive officer, Commissioner Charles Rose said that there was no reason to include the floodplain in the SOI and asked Brundage if it were possible for Elk Grove to amend their application. Brundage responded that he would meet with staff and report back in October.

Read the full article now >>

http://egcitizen.com/articles/2008/08/14/news/doc48a25e9add08b198673440.txt

On July 31, 2008, the Governor of California (aka "the govenator") made good on his promise to sign an executive order to reduce the rate of pay for all state employees to minimum wage. However, the State Controller has held firm he will continue paying state employees their normal rate of pay.

If state employees find their paycheck reduced due to the state budget situation, The Golden 1 Credit Union based in Sacramento, CA is ready to help their affected members with Budget Payroll Loans as low as 0% APR.

Questions & Answers

Will I be able to get a loan to cover the difference in the amount of my pay?
Answer: They will offer 0% loans for state employees who were Golden 1 members with direct deposit as of June 30. The budget loan amount will be the amount of your existing direct deposit less our computation of the estimated minimum wage payment. If you were a Golden 1 member as of June 30, but you didn't have direct deposit at that time, you are eligible for a State Budget Loan at 4.99% if you sign up for direct deposit now.

How will the Budget Payroll Loan Program work?
Answer:
For Sacramento state employees who had Direct Deposit as of June 30:
If you are currently a Golden 1 member and you had Direct Deposit of your paycheck as of June 30 of this year, you are eligible for our 0% State Budget Loan program. This program will cover the approximate difference between the normal amount of your pay that was deposited at The Golden 1 and our minimum wage estimate.

For Sacramento state employees who had Direct Deposit after June 30:
If you were a Golden 1 member as of June 30 and you signed up for direct deposit after June 30 of this year, you are eligible for their State Budget Loan at an Annual Percentage Rate of 4.99% to cover the approximate difference between the normal amount of your pay that was deposited at The Golden 1 and our minimum wage estimate.

For Sacramento state employees who were not Golden 1 members as of June 30:
The Golden 1 State Budget Loan program is only available to state employees who were members of The Golden 1 as of June 30.

I am one of the state employees who lost their job. I have loans at The Golden 1. Is there anything you can do to help me?
Answer: Yes, there may be several ways they will be able to help you. If you currently have Term Savings Certificates at The Golden 1, and need to use those funds to help you pay your bills, they will allow you to make an early withdrawal without the normal penalty.

Hopefully this will help out a few folks if this really does go into effect!

This Blog by:
Team Newington
Sacramento Mortgage Planners
(916) 687-6868
www.SuperiorLoanTeam.com

Looking for something to do this weekend in Sacramento? Take a minute and plan something to do with your family!

23rd Annual Festa Italiana
Croation Culture Center - 3730 Auburn Blvd., Sacramento, CA, 95821

Mark your calendars now for Sacramento's Premier food and music festival. Festa Italiana is a two day celebration of all that is Italian! Great food and beverages, featuring all your favorite pastas and sauces, sausage and peppers sandwiches, meatballs, polenta, eggplant, lasagna, ravioli, calamari and fried seafood, cannoli, gelato and Italian pastries and desserts.

Admission $10 (Children under 15 get in free)

http://www.italiancenter.net/

50th Anniverseray Exhibit at the Towe Auto Museum
2200 Front St., Sacramento, CA, 95818 (916) 442-6802

Approximately 6000 Edsels are in existence today. The Towe Auto Museum will be hosting a display of Edsels from June 28 until August 30, 2008. The exhibit will feature a variety of Edsels, including a rare 1960 nine passenger Villager Wagon.

Visit their webiste for more information: http://www.toweautomuseum.org

Harvest Day
Saturday, August 2 from 8:00 a.m. to 2:00 p.m

Fair Oaks Horticulture Center
Take Hwy 50 east about 10 mi. from the Hwy 99 interchange, then take the Sunrise Blvd. exit, go north on Sunrise about 4 mi., turn right on Madison Blvd., go about ½ mi., then turn right on Fair Oaks Blvd., then turn right on Temple Park Rd. (3^rd driveway) into Fair Oaks Park, then make an immediate left into the parking lot, continue up and around past the skateboard park, and to the back of the park. The Fair Oaks Horticulture Center is located at the end of the parking lot adjacent to the community garden.

"Sacramento's Premier Gardening Event" featuring Fred Hoffman host of "KFBK Garden Show" and KSTE "Get Growing," and The Bee's Garden writer Pat Rubin.Enjoy: lectures,educational tables,vendors,demonstration gardens, fruit&vegetable tasting and more.

Donations requested. Visit their website for details: http://groups.ucanr.org/sactomg/Harvest_Day/

Or head out of town...

Lake Tahoe Shakespeare Festival

The 36th annual production of the Lake Tahoe Shakespeare Festival, scheduled for July 10 - Aug. 17, 2008. Come join the fun and watch the Shakespeare production "A Midsummer Night's Dream." Tickets start at $22 for open seating tiers and range in options up to the premier reserved seating section from $67. Tickets for the 2008 season are now available online at www.LakeTahoeShakespeare.com with reduced handling fees for all purchases, or by calling 888-32-SHOWS (888-327-4697).

This Blog by:
Team Newington
Sacramento Mortgage Planners
(916) 687-6868
www.SuperiorLoanTeam.com

Freddie Mac made changes today that will effect how Sacramento foreclosures are dealt with as well as loan modifications!

Here is a highlight of those changes:

• The standard foreclosure period for their loans has been extended from 120 - 150 days
  Effective for all foreclosure referrals occurring on or after August 1, 2008, we are standardizing our foreclosure referral time line requirements to provide that Servicers must initiate foreclosure on all Mortgages, including Second Mortgages, Home Improvement Loans (HILs) and previously modified Mortgages, no later than 150 days from the Due Date of Last Paid Installment (DDLPI) (which is the 120^th day of delinquency). Prior to this change, we required Servicers to initiate foreclosure on Second Mortgages/HILs and previously modified Mortgages no later than the 90^th day of delinquency and all other Mortgages no later than the 120^th day of delinquency.
  
  
• New standard foreclosure period extended to 300 days in 21 states (California is one of them)
  In order to provide Borrowers additional time to work with their Servicersto explore alternatives to foreclosure, we are increasing foreclosure time lines in 21 States. This change is effective for foreclosure sales occurring in those States on or after August 1, 2008. With these changes, the foreclosure time lines in these States have been increased to 300 days.
  
  

• Increasing workout compensation and discontinuing foreclosure time line compensation
  The current market environment is placing significant challenges on Servicersas they attempt to work with the increasing numbers of delinquent Borrowers who are struggling to make their Mortgage payments and keep their homes. Freddie Mac is committed to helping these Borrowers pursue alternatives to foreclosure and recognizes the strain that the high volume of delinquent Mortgages is placing on Servicers. Therefore, we are increasing the workout compensation we pay Servicersfor certain successful workouts to compensate them for their extra efforts and to further provide incentives for them to aggressively pursue alternatives to foreclosure with these Borrowers.

• Even if you had a loan modification in the past - you can now qualify for another on
  Effective August 1, 2008, we are also revising the Guide to eliminate the requirement that in order for a Mortgage to be eligible for a loan modification it must not have been previously modified under our loan modification workout option. Servicers will now be able to submit to us a recommendation for approval to modify a previously modified Mortgage, as long as the Mortgage meets the additional eligibility requirements specified in Chapter B65. This revision provides additional opportunities for Borrowers experiencing difficulty in bringing their Mortgage current to pursue a workout loan modification.

So I think this could be great news for folks who want to keep their homes and just can't seem to pull it off with their current terms! I hope that the bonuses offered by Freddie Mac (although they are really just "pocket change") will encourage loan modifications instead of speedy foreclosures and help Sacramento home owners. I just worry about the consequences on the Sacramento real estate market by putting off for many the inevitable (foreclosure).

This Blog By:
Team Newington
Sacramento Mortgage Planners
(916) 687-6868
www.SuperiorLoanteam.com

You may have heard about this new bill and the speculation around if the President would sign it or not. Well this morning ... it is official!

In a future post I will break down each of these items to give you further details. For now here are some of the provisions fo the bill:

• Permanently increases the conforming loan limit to $625,500. The new loan limits for Fannie Mae and Freddie Mac are the greater of either $417,000 or 115 percent of an area's median home price, up to $625,500. The new FHA loan limit will be the greater of $271,050 or 115 percent of an area's median home price, up to $625,500. Both new loan limits will be effective at the expiration of the economic stimulus limits on December 31, 2008.
  
• New regulator for Government Sponsored Enterprises (Fannie and Freddie) to restore investor confidence in GSE loans and help the market and economy stabilize.
  
• First-time home buyer tax credit (aka interest free loan), which allows first-time home buyers to receive a tax refund worth up to 10 percent of a home's purchase price, up to a maximum of $7,500. The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years.
  
• Temporary raise in the loan limit for the Veterans Affairs home loan guarantee program to the same level as the economic stimulus limits until the end of 2008.
  
• The setting of minimum requirements for mortgage originators, which mandates fingerprinting of loan originators and establishes a nationwide loan originator licensing and registration system. The requirements do not apply to those only performing real estate brokerage activities unless they are compensated by a lender, mortgage broker, or other loan originator. States will have the ability to implement more stringent laws.
  
• The creation of a National Affordable Housing Trust Fund to help cover the cost of the FHA rescue plan for the first five years and develop affordable housing in subsequent years.
  
• The Treasury Department's proposal to create a federal backstop program to insure the financial well-being of Fannie Mae and Freddie Mac.
  
• The FHA's inability to insure loans that utilize a seller-funded down-payment assistance program (aka the eliniation of down payment assistance programs). Down-payment assistance from family, employers and other nonprofits is still allowed.
  
• The Community Development Block Grant Programs' $4 billion allotment for communities to purchase and refurbish foreclosed homes.

As I mentioned before here is just an overview so you know what the big picture is. I will break is down for you in detail in a separate post!

This Blog by:

Team Newington
Sacramento Mortgage Planners
(916) 687-6868
www.SuperiorLoanteam.com

New regulation prohibits the use of most Barbecues at Apartment Communities

There is a new regulation that took effect this year enforced by the local fire departments in the Sacramento region reads as follows:

2007 California Fire Code, Section 308.3.1 - Open-flame cooking devices

Charcoal burners and other open-flame cooking devises shall not be operated on combustible balconies or within 10 feet of combustible construction.

Exceptions:

•1. Single family homes and duplexes

•2. Where buildings, balconies and decks are protected by an automatic sprinkler system.

•3. Liquefied-petroleum LP (which includes propane) gas fueled cooking devices having LP gas container with a water capacity not greater than 2.5 pounds (1 pound LP - gas capacity).

The rule allows a resident to use an electric BBQ or one that has a liquefied-petroleum gas container capacity of 1 pound or less which are similar to this used for camping. Most BBQs sold at most retailers come with a container capacity of 5 pounds or greater which is prohibited at apartment communities under the regulation.

What should you do if you own a multi-family unit great than 2 units in California?

•1. Send a letter to your tenants making them aware of the new rule.

•2. Consider sending an addendum to your rental agreement for your existing tenants and modify your future rental agreement for future tenants.

It may seem overkill to send out a notice on this but what if you did not let your tenants know and there was a fire. Would you be liable because you did not officially address this new regulation. I don't know but this is California. Better to be safe than sorry!

This blog by:
Team Newington
Sacramento Mortgage Planners
(916) 687-6868
www.SuperiorLoanTeam.com

Foreclosures Rise 14% in 2Q

Nearly 740,000 foreclosure filings were reported nationwide in the second quarter, up almost 14% from the level recorded in the previous quarter and 121% from that of a year earlier, according to RealtyTrac, an online foreclosure marketplace based in Irvine, Calif.

The nation's quarterly foreclosure rate was one filing for every 171 households, the company said in its Q2 2008 U.S. Foreclosure Market Report. (Foreclosure filings include default notices, auction sale notices, and bank repossessions.) "Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona, and Michigan, most areas of the country are seeing at least some increase in foreclosure activity," said James J. Saccacio, chief executive officer of RealtyTrac. "Forty-eight of 50 states and 95 out of the nation's 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter." The company can be found online at http://www.realtytrac.com.

It is only going to get worse before it gets better! Hold on for the ride!

This blog by:

Team Newington
Sacramento Mortgage Broker
(916) 687-6868
www.SuperiorLoanTeam.com

The Federal Housing Administration section of a massive housing bill is causing heartburn for lenders because they will have to abandon a newly implemented risk-based pricing structure.

The Department of Housing and Urban Development mandated implementation of the RBP structure by July 14, but the housing bill imposes a 12-month moratorium on risk-based pricing starting Oct. 1.

HUD also has to convert back to charging a standard upfront mortgage insurance premium for all borrowers. "Now, FHA will be required to increase prices on all customers," HUD Secretary Steven Preston said. And it will require HUD to eliminate the newly expanded FHA Secure program that relies on RBP, he added. Before July 14, the standard upfront premium was 1.5%. Some expect the FHA to raise the premium to 2%, but HUD could raise it up to 3% under a provision of the housing bill.

What a mess. Lenders have spend tons of money to get these new guidelines implimented by the July 14th date! Now it looks like the borrower will pay the price. I just don't think it is fair to have to pay extra for other borrowers who may not have as high of credit score and less down payment!

This blog by:

Team Newington
Sacramento Mortgage Planners
(916) 687-6868
www.SuperiorLoanTeam.com