Fannie Mae, Lending Guidelines, Mortgage Guidelines

Higher Home Loan Fees from Fannie Mae and Freddie Mac

April 14, 2011 by · Leave a Comment 

Higher Home Loan Fees From Fannie Mae and Freddie MacDo you have less than 25 percent as a down payment for your next home purchase in Northwest Indiana?

Do you need a home loan term longer than fifteen years?

Is your FICO credit score less than exceptional?

If you answered yes to these questions, you will soon be paying even more to get a home loan for purchase or refinance.

Fannie Mae and Freddie Mac are raising credit risk fees that are charged to lenders for the first time since 2009. These increases will affect a vast majority of home loans sold to Fannie Mae (since April1, 2011) and Freddie Mac (beginning March 1, 2011).

Here is an example of the impact of the higher home loan fees from Fannie Mae and Freddie Mac.

Say you are purchasing a nice home in Valparaiso Indiana for $250,000. You have a 20 percent down payment. Your FICO credit score is 720. Your credit risk fee will now be $1,000. If your FICO credit score is 680, the credit risk fee will now be $3,500.

If you want to find out what these fees could mean to your home buying situation, contact us today. Home loan rates are still at historically low levels and if you are looking to purchase a home or refinance your existing home, now is the perfect time to plan accordingly.

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James K Barath, CMPS®

James K Barath is a Certified Mortgage Planning Specialist®, Certified FICO® Professional, Certified Military Housing Specialist® and your FHA Home Loan Expert. He is also a graduate of Purdue University, The CMPS Institute, Dale Carnegie Human Relations Course & Napoleon Hill Foundation's PMA Science of Success Class. It's your home and your future. It's his profession and his passion. He is ready to work for your best interest. Contact James for your FREE Home Loan Approval !  His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy!

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