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"FHFA is eliminating upfront fees for certain first-time homebuyers"
Manage episode 346243849 series 3393079
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The Federal Housing Finance Agency (FHFA) today announced on October 24, 2022 targeted changes to Fannie Mae and Freddie Mac's (the Enterprises) guarantee fee pricing by eliminating upfront fees for certain borrowers and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans.
As part of the pricing changes stemming from the Agency's ongoing review of the Enterprises' pricing framework announced last year, FHFA is eliminating upfront fees for:
- First-time homebuyers at or below 100 percent of area median income (AMI) in most of the United States and below 120 percent of AMI in high-cost areas;
- HomeReady and Home Possible loans (Fannie Mae and Freddie Mac's flagship affordable mortgage programs);
- HFA Advantage and HFA Preferred loans; and
- Single-family loans supporting the Duty to Serve program.
"FHFA is eliminating upfront fees for certain first-time homebuyers, low-income borrowers, and underserved communities to promote sustainable and equitable access to affordable housing," said Director Sandra L. Thompson. "Today's announcement will result in savings for approximately 1 in 5 borrowers of the Enterprises' recent mortgage acquisitions."
Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage NLMS 1370394 is committed to guiding clients through the mortgage process while promoting equal and fair access to homeownership.
Contact us today at (559) 412-7248
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