My New Blog

Beginning September 1st, homeowners who will want to take advantage of the low mortgage rates will have to come up with an additional 50 basis points/0.5% fee. Thank you, Freddie Mac(FMCC) and Fannie Mae(FNMA) or should I say the Federal Housing Finance Agency. It appears your government needs protection during this pandemic. Yes, the rates for obtaining a loan are so low but our homeowners need help. Paying an additional 0.5% of the loan upfront or over the term isn't helping our middle class. The only good news is Jumbo loans(above $510,400) will not be affected. However obtaining such is becoming more difficult.
Homeowners who have an application already underway will still most likely be affected since in 17 days, the fee begins.