PORTOLA HILLS LIVING by Kelly Turbeville

A quick look at the new Housing Bill signed into law today! A temporary increase in mortgage revenue bonds to refinance subprime mortgages. L enders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value . Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Permanent Conforming loan limit of $625,000 First-time home buyer tax credit , 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. New regulator for Government Sponsored Enterprises to restore investor confidence in GSE loans and help the market and economy stabilize. Temp

Did you know the city of Lake Forest has a recreation center on wheels that visits city parks each week for just some FREE plain fun. Did you catch that it is FREE ! In Portola the events take place each Wednesday from 10:00 am-12:30 pm at Concourse Park. When the Rec N' Roll group rolls into the area there will be sports activities, board games, craft projects, water fun, carnival games with prizes. Each will the group will host a different fun theme to inspire creativity and fun. July 7-10 - Fear Factor July 14-17 - Craft Craziness July 21-24 - Carnival Madness July 28-31- Parents vs. Kids Aug 4-7 Obstacle Course Fun Aug 11-14 Water World Aug 18-21 Rec ' N Roll Olymics Contact the Community Services department in Lake Forest