New Loan Fees
Tuesday, February 24, 2009 5 comments
Home buyers to be dinged with new fees
Beginning April 1, Fannie Mae and Freddie Mac will increase mandatory fees and toughen credit-score and down-payment rules.
Under the new guidelines, applicants will be charged more for down payments of less than 30 percent. Home buyers with FICO scores between 700 and 720 will pay an extra three-quarters of a point. Applicants who purchase a condominium and do not have a 25 percent down payment also will pay a three-quarter point add-on penalty, regardless of their FICO score, for purchasing a condominium instead of a single-family home.
The two Government Sponsored Enterprises (GSEs) said the additional fees are to counter higher risks and losses associated with certain loan products, buyer equity stakes, and credit scores.
To read the full story, please click here
This is a ridiculous new loan fee. In a time where lenders are already making it harder for home buyers to qualify, now they are charging more fees.
I thought you all should know about it.
~ Barry Ripp
Information obtained by the CA Asso of Realtors
higher your fico score…
Your post on Sunday Open Thread – Jack & Jill Politics on Friday is exactly the info i’ve been looking for. Thanks….
Mortgage Equity Loan…
Just dropping in to say hi, thanks for writing….
It is realy hard to find a good home loan. I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future. Thanks!
You made some important tips there. I did a search on the issue and encountered most people will agree with your web log.
Condos…
Take advantage of this weak market while you can. I have been able to locate several condominiums at 40% to 75% below listing price, one in San Fran and another in Miami. The deals are good! The source I used to locate them is good….