Zaida Patel, Realtor ----- Blog Website » loan http://zaidapatel.com DRE # 01426152 ------ Viking Realty Fri, 02 Apr 2010 22:15:11 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 New Loan Fees for Homebuyers http://zaidapatel.com/2009/04/24/new-loan-fees-for-homebuyers/ http://zaidapatel.com/2009/04/24/new-loan-fees-for-homebuyers/#comments Fri, 24 Apr 2009 19:28:45 +0000 Zaida Patel http://zaidapatel.com/?p=38 newsletter_marketmatters_newspaper2 SF Chronicle

Beginning April 1, Fannie Mae and Freddie Mac will increase mandatory fees and toughen credit-score and down-payment rules.

Under the new guidelines, applicants will be charged more for down payments of less than 30 percent. Home buyers with FICO scores between 700 and 720 will pay an extra three-quarters of a point. Applicants who purchase a condominium and do not have a 25 percent down payment also will pay a three-quarter point add-on penalty, regardless of their FICO score, for purchasing a condominium instead of a single-family home.
The two Government Sponsored Enterprises (GSEs) said the additional fees are to counter higher risks and losses associated with certain loan products, buyer equity stakes, and credit scores.

To read the full story, please click here

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The SF bay area Ca real estate is changing rapidly. We know it is important for buyers and sellers to stay informed on home values. I  specialize in reporting current market information and news concerning Fremont, Union City, Newark, Hayward, Dublin, Pleasanton and San Ramon real estate.

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Feel free to call my cell phone (510-676-2236) or send me an e-mail ( zpatel at rwnetwork.com).

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