Fees for Home Mortgages Going up
By: Newsroom Solutions
Updated: February 2, 2011
It will soon cost you more to get a home loan of longer than 15 years.
For the first time since 2009, Fannie Mae and Freddie Mac are raising the risk fees they charge lenders on loans they buy for resale to investors.
That includes loans extended to buyers with stellar credit.
Under the new rules, which begin March 1st for Freddie Mac loans and April 1st for Fannie Mae loans, borrowers will need FICO scores of 740 or better and down payments of 25-percent or more to avoid the fees or to get a discount.
For the first time since 2009, Fannie Mae and Freddie Mac are raising the risk fees they charge lenders on loans they buy for resale to investors.
That includes loans extended to buyers with stellar credit.
Under the new rules, which begin March 1st for Freddie Mac loans and April 1st for Fannie Mae loans, borrowers will need FICO scores of 740 or better and down payments of 25-percent or more to avoid the fees or to get a discount.
