Freddie Mac reports that rates stayed below 5 percent last week making two consecutive weeks. You can read more here.
Don Grafues
Resource: REALTOR.org
Resource: REALTOR.org
March 17, 2010
Your Participation In The Census Is Critical
You will begin receiving census forms in the mail over the next few days. Please complete the form accurately and send it in. An accurate count is necessary for the state to benefit from federal government grants that are based upon population. I have no way to verify but I was told that Cochise County looses $1000 for each person not counted and the city of Benson looses $500. So please, complete the census form and send it in. Failure to do so means less funding for schools, infrastructure improvements and other things we need.
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FHA In A Balancing Act
The FHA is struggling to balance its need for greater cash reserves against raising down payment requirements and mortgage insurance premium. David Stevens, FHA Commissioner, testified at a House hearing last Thursday that the FHA would insure 300,000 fewer loans if the down payment were raised to 5 percent. The current down payment is 3.5 percent. This would be a drop of 40 percent in the number of loans insured by the FHA. The net result would be a dip in home purchases.
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