Starting May 1st, homebuyers with good credit scores will pay higher mortgage rates and fees to subsidize homebuyers with riskier credit ratings.
Federal Housing Finance Agency Director Sandra L. Thompson called it "another step to ensure that [Fannie Mae and Freddie Mac] advance their mission of facilitating equitable and sustainable access to homeownership."
Under the new rules, high-credit buyers with scores ranging from 680 to above 780 will see a spike in their mortgage costs - with applicants who place 15% to 20% down payment experiencing the biggest increase in fees.
Local Realtor Kim Pacini-Hauck weighs in on the new mortgage fees.