Choicelend.com – The GSEs announced they will soon be using “risk based pricing”. What this means is for example, if your Fico score is less than 740 and you are putting less than 25% downpayment, Fannie and Freddie will assess you a penalty fee. Different “tiers” of risk (fees) for even lower scores will also be assessed. For home buyers waiting for lower prices they may get them but they will also have higher rates and higher fees. Don’t wait, any drop in prices will be more than offset by higher rates and fees. Make your move now.
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Art Bermudez has written 55 articles on Choicelend.com
