Fireworks at Portofino start at 9:05p this Sunday on the Santa Rosa Sound.  Happy Labor Day!

Portofino is offering a land and sea workout from September 7-October 14.  Classes meet on Tuesdays and Thursdays and are open to residents and guests of Portofino. There is the option to take one class for $12, or $125 for all six weeks.  Each workout consists of paddle boarding and hiking along the National Seashore.  Space is limited.  Contact Jessica Mulligan at 850-698-6084 or at jessicam@portofinoisland.com.  Don't miss this exciting opportunity!

Changes take effect October 4, 2010.

The Federal Housing Administration (FHA) has decided to delay instituting the planned adjustments to its insurance premium structure by one month, after the industry expressed concerns about being ready
for the upcoming changes in time.

According to a statement from HUD Deputy Assistant Secretary Vicki Bott, FHA will make the premium fee changes on all new case numbers effective October 4, 2010. “Over this past week, the industry responded with support of the new fee structure, but voiced strong concern about having system changes ready in time to meet the original September 7, 2010 deadline,” Bott said. “Since these system changes impact regulatory disclosures, lenders expressed they must have the additional time to implement and test systems. FHA took this feedback seriously and has accommodated the need for additional time.”

FHA received congressional approval on August 5th to raise borrowers’ annual premiums for single family mortgage insurance. Lawmakers gave the federal mortgage insurer enough leeway to increase the annual fee it charges borrowers three-fold, up to 1.55 percent. However, according to Bott, the annual premium is not going to go that high. The annual mortgage insurance premium will increase from 0.55 percent to between 0.85 percent and 0.90 percent of the loan amount. At the same time, though, FHA will lower the upfront premium charged on the amount borrowed by 100 basis points from the current 2.25 percent.

The new premium structure gives FHA a means of increasing its capital reserve funds, which as a result of rising mortgage defaults had deteriorated to its lowest level in the agency’s 75-year history at the end of fiscal year 2009.

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There may still be time to register for the Pensacola Chamber of Commerce's Amex gift card promotion.  One lucky person will receive $300 on an American Express card.  Yep, that's free money.  Register here.

Yea, yea!  The rain is gone - Labor Day weekend is going to be a great one.  Come out and enjoy this beautiful weather.  I'll shoot you a pic from my boat, haha.  Don't forget to say hey to Lucy and Ethel!

There will be an arts festival on Saturday from 10a-4p at Portofino.  Come support a great cause!

I'm going to start keeping you updated on Portofino information.  So tune in with Darlene for the latest and greatest.  Last night, homeowners were invited to participate in ideas as to what they would like to have and what changes they would like to see.  The consensus from the homeowners was that they want theme nights and real food.  Terracotta is going to start a prime rib night, a southern meal night, and possibly a Mexican feast someday.  Next time you go to the restaurant, check out the menu to see if these new items are on there.  Premier is doing what they can to gather input from everyone to make these changes accordingly.