04/20/2023
I heard about this about a week ago and here it is. Another disastrous program from our Federal Government. As if HUD's 2022 Equitable Housing Financing Plan wasn't a big enough bust now we have The Federal Housing Finance Agency's (FHFA) affordable housing debacle.
Homebuyers with "GOOD" credit scores will now have to pay HIGHER mortgage rates AND fees to subsidize people with riskier credit ratings (subprime borrowers).
Thats right, effective May 1, these new fees will affect mortgages (and I believe refinances) originating at PRIVATE banks across the country along with Fannie/Freddie.
Estimates I've seen show that homeowners with a credit score of 680 or more will pay approx. $40 per month more on a home loan of $400,000. Since our areas average home price is quite a bit more are we looking at $80-$100 more per month?
IN ADDITION, home buyers who make down payments of 15%-20% will incur the largest fees.
Work hard, Save, pay on time....get penalized?
THIS IS INSANE.
Please sign this petition and let's get loud.
STOP the FHFA's UNFAIR loan level price adjustments on mortgagees with GOOD CREDIT