In The News: Homebuyers with Good Credit to be Charged Higher Fees

I'm sure most of you have heard by now that the Federal Housing Finance Agency is increasing fees for homebuyers with good credit and larger down payments beginning May 1st. You can read the Washington Times Article here. The rationale behind these changes is that it will create a more level playing field for homebuyers. "America is facing a severe shortage of affordable homes for sale combined with excessive demand causing an imbalance. But convoluting pricing and credit is not the way to solve this problem." Here are some considerations to cut through the noise in the media: You have options!

1. This will only affect you if you get a mortgage for over 15 years. If you get a mortgage for a 15 year or less term, there is no change! The best solution would be to save a larger downpayment so that you are comfortable with a 15 year mortgage payment if you are concerned about these increased fees.

2. I work with some of the best lenders in the business who will walk you through all of these implications and find ways to help you save that increase in other ways. When you are ready to buy a home for the first time or sell and find the next step home on your journey, you can rest assured that you will be working with one of the best lenders in Richmond when you work with me!

I would love to hear your thoughts on this topic and answer any questions that you have - just reply to this email! I am always here for you!