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Virginia Named "Best State to Make a Living" |
Moneyrates.com has named Virginia "the best state to make a living". The Commonwealth moved from fourth place last year to first place after improving its average income figure while its cost of living fell slightly.
Virginia was followed in the rankings by Washington, Texas, Illinois and Colorado. Hawaii, Maine and Vermont topped the list of worst states to make a living. |
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RVAR Endorses Lucas for Roanoke City Mayor |
 | RVAR's Board of Directors has endorsed Mark Lucas for Roanoke City Mayor. A panel from RVAR's Governmental Affairs Committee conducted interviews with both candidates. Questions focused on economic development, job creation, promoting the greenway, regional efforts and the marketing of Roanoke City and the Valley to businesses and visitors. Mr. Lucas received a $1,000 RPAC contribution. | | Mark Lucas | | |
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FHA Insurance Premiums Going Up April 9th |
FHA has announced an increase in two fees that borrowers pay. Starting April 9, FHA will increase its annual mortgage insurance premium (MIP) for loans under $625,500, bringing the total cost from 1.15% of the loan amount to 1.25%. Starting June 1, larger loan premiums will increase to 1.5% of the loan amount.
Also effective April 9, FHA will raise the upfront mortgage premium from 1% to 1.75% of the loan amount. Upfront MIP may be added to closing costs or borrowers can finance it by adding it to the loan amount.
Buyers who want to avoid paying the higher fees should apply for a loan -- and get an FHA case number -- no later than April 8th.
FHA loans allow for smaller down payments and often less stringent credit requirements, which have made them soar in popularity in recent years. About 40% of all new mortgages for 2010 home purchases were FHA-backed mortgages. |
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