Posts from May 2023

Hey there, fellow homebuyers! We've got some thrilling news for you – especially if you have a low credit score. Starting May 1, Fannie Mae and Freddie Mac are making some fantastic adjustments to upfront fees on their loans. Thanks to a "redesigned and recalibrated" framework by the Federal Housing Finance Agency (FHFA), these changes aim to help mitigate loan risks for both government-sponsored enterprises.

What does this mean for you? Well, if your credit score is under 700, you might see some lower fees coming your way! The FHFA states that borrowers with high credit scores or large down payments will likely experience either decreased or stable fees, although a few may face a slight increase.

While higher credit scores still result in lower fees, these changes mean less of a financial burden for those with lower credit scores – potentially saving you hundreds or even thousands of dollars!

Here's an example to help you picture the potential savings: u...

Click Here to Read More...