Check out the below article....Banks are trying to make money no matter what the consequence...Since the gov't is stepping in to try and make loans more affordable the banks are not willing to loose a penny so they are tacking on new fees. Give a buyer a break already!!!
If you fall into one of these categories and will be hit with new fees then you definately want to check into an FHA loan (Federal Housing Administration). Make sure you are working with a very good loan agent and if you need a recommendation, please let me know.
Home buyers to be dinged with new feesBeginning 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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