Have you considered buying a second home or vacation home this year? Don’t wait! Now is the time as it could cost thousands more!
The Federal Housing Finance Agency (FHFA) just announced a hike in fees for high-balance loans. In April, upfront fees for high balance loans will increase between 0.25 percent and 0.75 percent, tiered by loan-to-value ratio. Fannie Mae and Freddie Mac refer to these mortgages as high balance loans and super conforming loans, respectively.
For second home loans, upfront fees will increase between 1.125 percent and 3.875 percent, tiered by loan-to-value ratio.
Contact me to find out how this may affect your plans.