bonnie1962 Posted April 20, 2023 Share Posted April 20, 2023 Toggle Menu Homebuyers with good credit to pay higher mortgage rates Homebuyers with higher credit scores will see higher mortgage costs Washington Times: Those costs will subsidize those with riskier credit ratings Expert: It's an "ugly surprise" for people who worked to build their credit Devan Markham Updated: APR 20, 2023 / 11:54 AM CDT HOLLYWOOD, FLORIDA – OCTOBER 27: A ‘For Sale’ sign is posted in front of a single family home on October 27, 2022 in Hollywood, Florida. The rate on the average 30-year fixed mortgage hit 7.08%, up from 6.94% the week prior, according to Freddie Mac. Mortgage rates surpassed 7% for the first time since April 2002. (Photo by Joe Raedle/Getty Images) CHICAGO (NewsNation) — As part of the Federal Housing Finance Agency’s push for affordable housing, homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings, according to a report by The Washington Times. A new federal rule enforced by the Biden administration will make it so that people looking to buy a home with a credit score of 680 or higher will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000, the report said. The new rule, which goes into effect on May 1, will affect mortgages from private banks across the nation. According to The Washington Times, Fannie Mae and Freddie Mac, federally-backed home mortgage companies, will establish the loan-level price adjustments (LLPAs). Mortgage industry professionals told The New York Post that the new rule was an “ugly surprise” for homebuyers who “worked for years to build their credit.” One mortgage loan originator told The New York Post that it’s going to be a hard conversation to have, saying, “It’s going to be a challenge trying to explain to somebody that says, ‘I worked my whole life for high credit and I’ve put a lot of money down and you’re telling me that’s a negative now?’” David Stevens, the Federal Housing Administration commissioner for the Obama administration, told The New York Post that the rule is unprecedented. plan to charge more with good credit for mortgages to subsidize those with poor credit - Search (bing.com) Quote Link to comment Share on other sites More sharing options...
Homebuyers with good credit to pay higher mortgage rates Homebuyers with higher credit scores will see higher mortgage costs Washington Times: Those costs will subsidize those with riskier credit ratings Expert: It's an "ugly surprise" for people who worked to build their credit Devan Markham Updated: APR 20, 2023 / 11:54 AM CDT HOLLYWOOD, FLORIDA – OCTOBER 27: A ‘For Sale’ sign is posted in front of a single family home on October 27, 2022 in Hollywood, Florida. The rate on the average 30-year fixed mortgage hit 7.08%, up from 6.94% the week prior, according to Freddie Mac. Mortgage rates surpassed 7% for the first time since April 2002. (Photo by Joe Raedle/Getty Images) CHICAGO (NewsNation) — As part of the Federal Housing Finance Agency’s push for affordable housing, homebuyers with good credit will soon have to pay higher mortgage rates and fees to subsidize people with riskier credit ratings, according to a report by The Washington Times. A new federal rule enforced by the Biden administration will make it so that people looking to buy a home with a credit score of 680 or higher will have to pay about $40 per month more than people with worse credit when taking out a home loan of $400,000, the report said. The new rule, which goes into effect on May 1, will affect mortgages from private banks across the nation. According to The Washington Times, Fannie Mae and Freddie Mac, federally-backed home mortgage companies, will establish the loan-level price adjustments (LLPAs). Mortgage industry professionals told The New York Post that the new rule was an “ugly surprise” for homebuyers who “worked for years to build their credit.” One mortgage loan originator told The New York Post that it’s going to be a hard conversation to have, saying, “It’s going to be a challenge trying to explain to somebody that says, ‘I worked my whole life for high credit and I’ve put a lot of money down and you’re telling me that’s a negative now?’” David Stevens, the Federal Housing Administration commissioner for the Obama administration, told The New York Post that the rule is unprecedented. plan to charge more with good credit for mortgages to subsidize those with poor credit - Search (bing.com)
Members phkrause Posted May 1, 2023 Members Share Posted May 1, 2023 Is Biden Raising Mortgage Payments for People with Good Credit? Key Facts: In January 2023, the Federal Housing Finance Agency (FHFA), an independent regulatory agency, announced a new pricing framework for Fannie Mae and Freddie Mac, two mortgage companies under FHFA conservatorship, effective May 1, 2023. The new pricing framework will change what the agency calls upfront fees, or payments homebuyers make when they close on a property. Those fees are based on "risk characteristics of the borrowers and the loans they are obtaining," which can include credit scores. Generally speaking, under the new rule some people with higher credit scores will pay more in fees than those in similar situations under the old rule. Conversely, people with lower credit scores will pay less. And even those with higher credit scores will pay less once the new plan takes effect. Rumors that U.S. President Joe Biden was pushing for, or had introduced, these changes were not supported by evidence. Moreover, the White House rejected that claim. There was no congressional measure or executive order related to the changes, and, based on our research, Biden had not publicly commented on the FHFA's decision to change the fee structure. https://www.snopes.com/news/2023/04/28/biden-mortgage-fees/? Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
bonnie1962 Posted May 1, 2023 Author Share Posted May 1, 2023 POLITICS Higher mortgage fees for borrowers with good credit? Inside Biden's new rules on mortgage fees The changes are part of a Biden Administration rule intended to provide equitable access to homeownership. ByCarlos Granda Sunday, April 30, 2023 2:18PM EMBED <>MORE VIDEOS The changes are part of a Biden Administration rule intended to provide equitable access to homeownership, but first-time homebuyers with high credit scores would pay more under this new rule. LOS ANGELES -- Buying a house means getting a mortgage and you assume if you have a higher credit score, you're considered "low risk" and will then get lower costs. Well, that's going to change. According to Sanjay Wangle, the senior vice president of Governmental Affairs for the California Association of Realtors, said fees are increasing for certain "high" borrowers with a credit score above 680. The changes are part of a Biden Administration rule intended to provide equitable access to homeownership. First-time homebuyers with high credit scores would pay more under this new rule. Before May 1, if you have a credit score of 740 or higher, on a $500,000 loan, you will pay 0.25% fee, which is $1,250. After that date, you could pay as much as .375% - or $1,875 - on that same loan. People with lower credit scores will pay a lower rate. Critics said the new rules appear to subsidize homeowners with lower credit scores. "Intuitively, somebody will think, 'This is subsidization,'" Wagle said. "If they're able to lower it there, then it must be that it's going up there, then they must be subsidizing. I think they're saying they're not doing that. Well, if they're not doing that, it needs to be laid out. Then what are you doing?" Those who put 15% to 20% down on a home could feel the biggest increases. Interest rates have doubled in the last year and some worry how all of this will affect buyers. Experts say the market is still tight. "Because we've had this rapid increase in interest rates, you have a lot of people who have got a great interest rate right now who don't want to sell," said Wagle. "In a typical market, you might've gotten a lot of people like, 'Oh, let me sell my property' or 'How's the economy looking?' They don't want to sell so there aren't a lot of properties available still." The new rule also makes it more expensive for borrowers who want to refinance. There is a bill in Congress that would repeal this new policy but for now, it is set to go into effect on Monday. Quote Link to comment Share on other sites More sharing options...
LOS ANGELES -- Buying a house means getting a mortgage and you assume if you have a higher credit score, you're considered "low risk" and will then get lower costs. Well, that's going to change. According to Sanjay Wangle, the senior vice president of Governmental Affairs for the California Association of Realtors, said fees are increasing for certain "high" borrowers with a credit score above 680. The changes are part of a Biden Administration rule intended to provide equitable access to homeownership. First-time homebuyers with high credit scores would pay more under this new rule. Before May 1, if you have a credit score of 740 or higher, on a $500,000 loan, you will pay 0.25% fee, which is $1,250. After that date, you could pay as much as .375% - or $1,875 - on that same loan. People with lower credit scores will pay a lower rate. Critics said the new rules appear to subsidize homeowners with lower credit scores. "Intuitively, somebody will think, 'This is subsidization,'" Wagle said. "If they're able to lower it there, then it must be that it's going up there, then they must be subsidizing. I think they're saying they're not doing that. Well, if they're not doing that, it needs to be laid out. Then what are you doing?" Those who put 15% to 20% down on a home could feel the biggest increases. Interest rates have doubled in the last year and some worry how all of this will affect buyers. Experts say the market is still tight. "Because we've had this rapid increase in interest rates, you have a lot of people who have got a great interest rate right now who don't want to sell," said Wagle. "In a typical market, you might've gotten a lot of people like, 'Oh, let me sell my property' or 'How's the economy looking?' They don't want to sell so there aren't a lot of properties available still." The new rule also makes it more expensive for borrowers who want to refinance. There is a bill in Congress that would repeal this new policy but for now, it is set to go into effect on Monday.
bonnie1962 Posted May 3, 2023 Author Share Posted May 3, 2023 On 4/30/2023 at 8:30 PM, phkrause said: Is Biden Raising Mortgage Payments for People with Good Credit? Key Facts: In January 2023, the Federal Housing Finance Agency (FHFA), an independent regulatory agency, announced a new pricing framework for Fannie Mae and Freddie Mac, two mortgage companies under FHFA conservatorship, effective May 1, 2023. The new pricing framework will change what the agency calls upfront fees, or payments homebuyers make when they close on a property. Those fees are based on "risk characteristics of the borrowers and the loans they are obtaining," which can include credit scores. Generally speaking, under the new rule some people with higher credit scores will pay more in fees than those in similar situations under the old rule. Conversely, people with lower credit scores will pay less. And even those with higher credit scores will pay less once the new plan takes effect. Rumors that U.S. President Joe Biden was pushing for, or had introduced, these changes were not supported by evidence. Moreover, the White House rejected that claim. There was no congressional measure or executive order related to the changes, and, based on our research, Biden had not publicly commented on the FHFA's decision to change the fee structure. https://www.snopes.com/news/2023/04/28/biden-mortgage-fees/? Feedback Someone should notify Snopes. They seem to have the following wrong Rumors that U.S. President Joe Biden was pushing for, or had introduced, these changes were not supported by evidence. Moreover, the White House rejected that claim. There was no congressional measure or executive order related to the changes, and, based on our research, Biden had not publicly commented on the FHFA's decision to change the fee structure. 'Unconscionable': 27 States Challenge Biden's Plan To … https://freebeacon.com/biden-administration/... Web2 days ago · That’s an extra $14,400 over the course of a standard 30-year mortgage. "It is already clear that this new policy will be a disaster," the state officials said. State Financial Officers Slam Biden's Mortgage … https://www.breitbart.com/economy/2023/05/01/state... Web1 day ago · The 37 state financial officers include treasurers, auditors, commissioners of revenue, and other top officials from 27 states: Alabama, Alaska, Arizona, Arkansas, … 34 State Financial Officers Hit Biden Admin Over New … https://www.dailysignal.com/2023/05/01/disaster... Web2 days ago · "This new policy makes it more expensive for people with good credit to buy houses—and that’s absurd," Stacy Garrity, Pennsylvania treasurer, says of a new Biden … States Revolt Against Biden's Mortgage Redistribution https://www.newsmax.com/finance/streettalk/... Web2 days ago · Treasurers and top finance officials from 27 states have sent President Biden a letter imploring him to end what they call his “disastrous” mortgage redistribution fees, … States revolt against Biden administration's 'disaster' mortgage ... https://www.legitgov.org/states-revolt-against... Web2 days ago · States revolt against Biden administration's 'disaster' mortgage redistribution rule: 'Unconscionable'--Biden's controversial policy is set to take effect today | 1 May … States revolt against Biden's 'disaster' mortgage … https://michaelsavage.com/states-revolt-against-bidens-disaster-mortgage... Web1 day ago · State treasurers and other top finance officials from 27 states on Monday urged President Biden to end what they said was his “unconscionable” policy of forcing people … Quote Link to comment Share on other sites More sharing options...
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