FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year’s 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans.  These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750.  For the few areas where the 2009 limits were higher, the higher limits will apply.  In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e.an area smaller than a county. The Secretary’s discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and Realtors.  While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not.  NAR’s Call for Action to both the House and the Senate prior to the final vote advocated strongly for the provisions which were then included in the final bill approved by both Chambers. 

The new stimulus package has a gift for first time home owners. So if you have not owned a home in the past 3 years and you are a renter now is you time.  Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser’s income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

Last month we at Go Platinum Lending were handing out free pumpkins to past and future clients in a celebration of our anniversary. This month we’re teaming up with Montecino & Associates in an effort to help the Marine Corps Reserve collect “Toys for Tots”. Toys for Tots has been around for 61 years and all the toys and money that we collect here in Eastern Madera County will be given back to the children in Eastern Madera County. We understand that many people are struggling financially this year – but if you are able to spare a few dollars for a new toy, think about the difference you can make for a child when they too have a present to open on Christmas day.

Christmas should be a happy family time – and by no means should it be measured in materialistic wealth. But Christmas should also be the time for joy and smiles. The way “Toys for Tots” works is that the Marine Corps Reserve will distribute the toys to the parents of the needing children. By donating a toy, you will make Christmas a joy for a child or two and also support our Marine Corps reserves.

The new and unwrapped toys can be dropped off in our Coarsegold office at

35285 Highway 41 # C. The gifts can range from $1 to $20 – the children receiving them are all ages from newborn to teens.

The last day for donations is December 12th so don’t wait.

We thank you for your support.

The community of Eastern Madera County is mourning the loss of one of their children. Last week sixteen year old Danny Zabicki lost his battle with cancer. Danny was a sweet and talented young man that was an inspiration to all that knew him. His parents, well known and respected, own one of Oakhurst’s best places to eat, The Crab Cake’s Restaurant.

There will be a fundraiser on Monday, October 27, 2008, from 12:00am to 7:00pm. for the Zabicki family. The event will be held at the Crab Cake’s Restaurant Patio. This will be a great opportunity to honor and remember a fine young man that was taken from us so soon in life.

Our prayers and thoughts go out to this fine family.

For information call Heather 559 676-5056 or Linda 559 683-6993.

Jim Cramer, of MAD MONEY, blogged on July 23, 2008, “I am now telling you that between now and the next six months you have to buy a house.”  Mr. Cramer is giving great advice. Home prices are low and so is the interest rate.

CNNMoney.com reported in August that nationally, 55% of homes sold from April through June were affordable to families earning the US median income of $61,500.00. This was according to a quarterly report released by the National Association of Homes Builders (NAHB). That’s up from 53.8% in the first quarter of 2008, and the most affordable home prices have been since the second quarter of 2004.

The Housing and Economic Recovery Act of 2008 (H.R.3221), has many programs to help people buy the American dream. Under H.R. 3221, new homebuyer tax credit is available for qualifying home purchases after April 11, 2008, and before July 1, 2009. The Act provides eligible first-time homebuyers a refundable tax credit equal to the lesser of 10% of the purchase price of a principal residence or $7,500 ($3,750 for married individuals filing separately). A taxpayer is considered a first-time homebuyer if he (or spouse, if married) had no ownership interest in a principal residence during the 3 year period before the purchase of the home to which the credit applies.

Under H.R. 3221 the Department of Veterans Affairs is raising the ceiling on its no-down payment home loans from the current $417,000 to as much as $729,000. VA home loans are available for veterans to purchase or construct single-family homes, and to purchase condominiums or cooperative apartments. There are about 2.3 million existing VA home loans, more than 90% made with no down payment.

This is just to name a few great programs available which reinforce Mr. Cramer’s reasoning to buy NOW.

The Boys & Girls Club of Oakhurst will be the recipients of a couple of events this weekend. The Lions club will be serving lunch on Saturday, Sept 13, during the Bass Lake Lions Home Tour. A self guided tour begins in the Pines Village in Bass Lake, at 10AM. The tour runs until 3PM and includes lunch. Cost is $25.00 and the event benefits the Boys & Girls Club.

Also, on Saturday, Sept 13, from 11AM – 2PM there will be a FREE BBQ with games and prizes. The event will be held at the Oakhurst Community Park. Come celebrate the new beginning of the Boys & Girls Club of Oakhurst.

RUN FOR THE GOLDCAR SHOW IF YOU LIKE CLASSIC CARS, YOU’LL ENJOY THIS ONE.THE OAKHURST SIERRA SUNRISE ROTARY WILL BE HOSTING THE ANNUAL CAR SHOW THIS COMING WEEKEND, AS FOLLOWS: FRIDAY NIGHTLOCATION: OAKHURST LODGE (HWY 41 AND 426)INCLUDES: A WONDERFUL DINNER OF                                    TRI TIP, HOMEMADE CHILI BEANS, RICE                                     RICE PILAF, SALAD AND GARLIC BREADCOST FOR DINNER: $12.00 PER PERSONTIME: BEGINS AT 5:30 P.M.THE LODGE WILL HAVE A FULL ARRAY OF CLASSIC CARS FOR YOUR VIEWING PLEASURE SO COME ON OUT AND ENJOY THE CARS AND A GREAT MEAL. SATURDAY 8:00 UNTIL 2:00 P.M.THE CARS, APPROXIMATLEY 150, WILL MOVE OVER TO THE OAKHURST COMMUNITY PARK.THERE WILL BE SEVERAL MEAL VENUES FOR YOUR APPETITES WHILE YOU ENJOY THE CAR SHOW. WE LOOK FORWARD TO SEEING YOU THERE.

Do not believe the negative media reports about the real estate market. The media continues to report the dismal affect on the market focusing on foreclosure numbers, price declines, and inventory levels. This continued reporting may lead one in believing real estate is a bad investment. Don’t believe everything you hear, especially from a bias media that thrives on negative reporting and the doom and gloom of America. Check out the facts. I believe the facts show it’s a great time to invest in the real estate market.Even today with the negative media reports, you can find facts to support that real estate continues to be a great investment:  

1.        The National Association for Business Economics reports “a bottoming out in housing this year”.

2.  Mark Zandi, of Moody’s Economy wrote “We are at the beginning of the end of the downturn”.

3.           Adam York indicated in Wachovia “The vast majority of the declines in sales are behind us”.

4.           The market is getting a handle on the foreclosure crisis. You couldn’t say that a year ago.

5.           The Case-Shiller housing price index is showing month over month price growth in about a third of the 20 cities it covers, suggesting that the buying interest is returning and prices are back on an uptrend.

6.           Home builders are back to buying land and shifting from a defense to offense mode.

7.           Monthly mortgage payments have meet the equivalent of monthly rent.

Just a few facts to show that it’s a time to buy and invest in the market. Let those that believe the media sit it out and wait while you take advantage of a great opportunity, it’s your time.You’d better hurry or someone will beat you to it.

We are certainly seeing a change in weather here in Eastern Madera County, California. As I ride my horse in the foothills of Coarsegold, the days are getting shorter and the nights are cooling down.  I was told we are coming into autumn.  I thought we were going into the fall but was corrected that the proper term is autumn.  My research showed that autumn, also known as fall in North American English is one of the four temperate seasons. Autumn is the period between summer and winter, usually in September (northern hemisphere) or March (southern hemisphere) when the arrival of night becomes noticeably earlier. In the northern hemisphere, the meteorological start of autumn is on 1 September and it ends on 30 November. In the southern hemisphere it starts on 1 March and ends on 31 May. The astronomical start of Autumn is on 23 September and ends on 20 December in the northern hemisphere, and 20 March and 21 June in the southern hemisphere. In Ireland, autumn begins on 1 August and ends 31 October, due to the Irish calendar.As for me, fall is easier to spell and it will be fall until I see snow and cold.

Sierra Ambulance provides paramedic ambulance service to the communities in eastern Madera County, California. They are located in the Sierra Nevada Mountains 18 miles south of Yosemite National Park, and 50 miles north of Fresno on State Route 41. They serve the communities of Oakhurst, Ahwahnee, Bass Lake, North Fork, Coarsegold, Yosemite Lakes, Raymond, Fish Camp, O Neals, and portions of Yosemite National Park and the Sierra National Forest; over 1,000 square miles in all. Sierra Ambulance is a non-profit corporation founded in 1964.  Sierra Ambulance offers community Cardio-Pulmonary Resuscitation, (CPR), classes monthly. You may register at: outreach@SierraAmbulance.org or during daytime hours phone 559-658-1052 and after hours phone 559-642-0650, ext. 23, for information. Be sure to leave your name and a daytime phone. Certain classes are free, others have a charge commensurate with expenses. Classes are usually held at our offices at 40755 Winding Way, Oakhurst, CA 93644. Special classes may be schedule for groups. Call for details.  As a non-profit corporation, all of the revenue raised is used 100% to support the operation of the Service.

Key to the financial success of Sierra is the Family Membership Program. For $55 dollars a year per household, a family can purchase an Ambulance Membership. It covers the cost of ambulance transport from within Sierra’s service area to any area hospital in Madera, Fresno or Mariposa County. It is immediately renewable. Why should you join if you have insurance? Simply, many insurance plans have a deductible, a co-pay, or a maximum benefit well below the actual cost of service. Likewise, many insurers look backward after the fact and determine whether or not the ambulance was justified. Your claim could be denied. Your membership would cover you in this case. The membership program provides a benefit to those who may need its coverage; it also helps Sierra raise money to purchase new ambulances and equipment. Those interested in purchasing a family membership may phone the office at 559-642-0650 or log onto their web site at www.sierraambulance.org.