Stay up-to-date on Fannie/Freddie fees!
The Federal Housing Finance Agency recently announced new upfront fees for some second-home and high-balance loans arranged through Fannie Mae and Freddie Mac.
The increase for high-balance loans will be between 0.25% and 0.75%, while the increase for second-home loans will be between 1.125% and 3.875%. Both will be tiered by loan-to-value ratio. The intent of the rise in fees is to increase access to credit for first-time home buyers and low-moderate income home buyers.
If you are looking to buy in high-balance areas or are searching for a vacation home, make sure you talk to a Petra Cephas loan officer about how these fees will affect your financing options!