“With the nation in the midst of a housing affordability crisis and many more workers electing to telework, this is exactly the wrong time for federal regulators to be raising fees on homeownership and second homes,” said NAHB Chairman Chuck Fowke. Prior to the effective date of today’s announcement, the same buyer would pay no additional fee for the comparable mortgage.
to sell a property quickly the listing price needs to be below market value. Under the plan announced today, the buyer of a second home with a $300,000 mortgage loan amount and loan-to-value ratio of 65% will pay an additional fee of $4,875 if their mortgage is acquired by Fannie Mae or Freddie Mac. Fannie Mae does not sell foreclosed assets in bulk as we do not believe it. Fees will vary based on the loan-to-value ratio. Also effective on April 1, 2022, the upfront fees for mortgage loans on second homes will increase between 1.125% and 3.875%.
HOW TO DETERMINE PRICE OF FANNIE MAE FORECLOSURES MAC
Beneficial pricing on the agencies’ affordable loan products will not be increased.Įffective April 1, 2022, upfront fees on certain high balance loans sold to Fannie Mae and Freddie Mac will increase between 0.25% and 0.75%. An investor is required to provide 10 of the purchase price in earnest funds when making an offer to purchase. These fees will significantly increase the purchase cost of a second home and some homes in high cost areas. Fannie Mae encourages investors to purchase foreclosed homes, but the requirements to purchase are slightly different from that of an owner occupant. In a move strongly opposed by NAHB, the Federal Housing Finance Agency (FHFA) today announced increases for upfront fees that Fannie Mae and Freddie Mac will charge for second home mortgage loans and certain high balance mortgage loans that exceed standard conforming loan limits.
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