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FHFA Boosts Fees for High-Balance and Second-Home Mortgages

The Federal Housing Finance Agency has unveiled plans to hike upfront fees on mortgages for second homes as well as homes with balances higher than standard conforming loan limits. So reports Realtor Magazine.

Freddie Mac 280x280Effective April 1, upfront fees from Fannie Mae and Freddie Mac will rise from 1.125% to 3.875% for second-home loans and from 0.25% to 0.75% for certain other high-balance loans.

Sandra Thompson, the FHFA’s acting director, said in a statement, “These targeted pricing changes will allow [Fannie Mae and Freddie Mac] to better achieve their mission of facilitating equitable and sustainable access to homeownership while improving their regulatory capital position over time.”

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