rates: Home Financing May Get Tougher!
- 03/05/09 02:47 AM
It may not be what home buyers, sellers and refinancers want to hear, but they need to know: Fannie Mae and Freddie Mac are ratcheting up their mandatory fees and toughening credit score and down-payment rules as of April 1, 2009. Most major lenders already are pricing in these higher fees, effectively raising cost to borrowers immediately and reducing the impact of housing stimulus efforts from Congress and the Obama administration. Under Fannie's and Freddie's new guidelines, even applicants who assumed that their FICO credit scores would get them favorable rates will be charged more unless they can come up with … (0 comments)
It may not be what home buyers, sellers and refinancers want to hear, but they need to know: Fannie Mae and Freddie Mac are ratcheting up their mandatory fees and toughening credit score and down-payment rules as of April 1, 2009.
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