A rule change related to how America's largest loan guarantors calculate upfront mortgage fees is set to take effect May 1.
April 24, 2023, 11:27 PM UTCA rule change related to how America's largest loan guarantors calculate upfront mortgage fees is set to take effect May 1.
For example, a buyer with a credit score of 650 putting a 25% down payment on a $400,000 home would now pay 1.5% in fees on the loan, or $4,500. That compares with 2.75%, or $8,250, under the previous fee structure. Why is this happening? In January, the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac,
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