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"FHFA is eliminating upfront fees for certain first-time homebuyers"

Published on: 5th November, 2022

The Federal Housing Finance Agency (FHFA) today announced on October 24, 2022 targeted changes to Fannie Mae and Freddie Mac's (the Enterprises) guarantee fee pricing by eliminating upfront fees for certain borrowers and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans.

‚ÄčAs part of the pricing changes stemming from the Agency's ongoing review of the Enterprises' pricing framework announced last year, FHFA is eliminating upfront fees for:

  • First-time homebuyers at or below 100 percent of area median income (AMI) in most of the United States and below 120 percent of AMI in high-cost areas; 
  • HomeReady and Home Possible loans (Fannie Mae and Freddie Mac's flagship affordable mortgage programs); 
  • HFA Advantage and HFA Preferred loans; and 
  • Single-family loans supporting the Duty to Serve program.

 

"FHFA is eliminating upfront fees for certain first-time homebuyers, low-income borrowers, and underserved communities to promote sustainable and equitable access to affordable housing," said Director Sandra L. Thompson. "Today's announcement will result in savings for approximately 1 in 5 borrowers of the Enterprises' recent  mortgage acquisitions."

Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage NLMS 1370394 is committed to guiding clients through the mortgage process while promoting equal and fair access to homeownership.

Contact us today at (559) 412-7248

Web:  https://mkgenterprisescorp.com


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Mortgage Broker Advisors Podcast
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Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage NLMS 1370394 is committed to guiding clients through the mortgage process while promoting equal and fair access to homeownership.
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Marshawn Govan

President, CEO of MKG Enterprises Corp Third-Party Originator NLMS 1370394 is a diversified digital finance company focusing on serving low-income and moderate income communities while promoting equal and fair access to homeownership to first-time home buyers and existing homeowners FHA, Conventional, VA, Jumbo loans, Non Qualified Mortgage loans, DSCR.

The company provides mortgage loans, down payment assistance, auto, home, life insurance, secured personal loans and tax refund advances. The goal is to help underprivileged and underbanked families access credit to affordably finance auto loans, home improvements, home solar systems, down payments, investment and paying off debts.