Just in time for the spring buying season … new and higher fees for Fannie Mae mortgages. Right before Christmas last month Fannie Mae announced that it would be imposing new “risk-based” fees that don’t seem to be as much about “risk” as paying back for government bailout funds. The new fees affect even those with good credit scores. As reported here, even a homeowner with FICO scores above 800 might be facing a step up of a new fee worth about $750 on a $300K mortgage. For those even with a FICO score of 679, new fees could be about $1,500 on that $300k mortgage.
BostonREB Ford Realty > New Fannie Mae fees in store this spring