Fannie Mae and Freddie Mac announced that they are raising risk fees that they charge to lenders. Lenders in turn typically pass those fees on to borrowers. The first time in 12 years risk fees will jump and the impact will be felt by all, even those with excellent credit. Persons with great credit (typically a FICO score of 740 or higher) were previously excluded from risk fees. Now, to avoid the fees a borrower with that score would likely have to put down at least 25% of the value of the house being purchased. The issue is whether this fee really impacts affordability for homebuyers, or whether it is simply looked at as just another fee and cost of obtaining a mortgage. The National Association of Home Builders does not appear to have responded publicly about the increase or its effect on home sales.
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