NEFBA Gala is Oct. 15
The Northeast Florida Builders Association’s annual Charity Gala will be Friday, October 15, in Mavericks at The Jacksonville Landing from 6:30-11 p.m.
Admission is $100 and includes soft drinks, beer & wine all evening with $5 for cocktails.
The event is sponsored by Southland Waste Systems & TECO Peoples Gas.
The Gala always features a major giveaway and this year’s is a ski vacation for two to Big Sky Resort, Mont.
To purchase tickets or for more information, contact Jamie Atkins at 962-9976.
WCR has 2012 slate
Liz McMahan of Watson Realty heads the list of 2011 officers for the Jacksonville Women’s Council of Realtors.
McMahan has been nominated to be president-elect. The election is October 14 and, if the slate is accepted, she will serve under 2011 President Janna Thomas of Mercedes Homes and become president in 2012. Thomas is the current president-elect.
Andrew Bell of Watson Realty was nominated as Vice President of Membership, Gonzalo Mejia of Coldwell Banker Vanguard Realty as the treasurer and Christine Baranofsky of Watson Realty as the treasurer.
Weekley adds Nocatee area
David Weekley Homes will soon start building in Greenleaf Village in Nocatee.
This follows its building in the Willowcove and Kelly Pointe at Nocatee areas.
David Weekley Homes will soon sell a selection of new floorplans in the area from the high $100s.
The homes will feature three to six bedrooms and two to four bathrooms, depending on the home and range from 1,486 to over 3,000 square feet.
FHA modifies reverse mortgage
The Federal Housing Administration (FHA) has a new modified version of its Home Equity Conversion Mortgage (HECM) product. The HECM loan is a reverse mortgage insured by the federal government. It allows older homeowners to tap into their equity to cover living expenses and health care costs while continuing to live in their home without having to make the mortgage payments that are required with a traditional mortgage or equity loan.
FHA designed HECM Saver as a second reverse mortgage option for the purpose of lowering upfront loan closing costs, for homeownerswho want to borrow a smaller amount than what would be available with a HECM Standard loan. This option will be available for all HECM case numbers assigned on or after October 4.
HECM Saver will have an upfront premium of only .01 percent of the property’s value. Under the HECM Standard option, the upfront premium will remain at 2 percent. The MIP for both HECM Saver and HECM Standard will be charged monthly at an annual rate of 1.25 percent of the outstanding loan balance.