{"id":297,"date":"2023-05-23T14:09:23","date_gmt":"2023-05-23T14:09:23","guid":{"rendered":"https:\/\/www.ebwmtg.com\/blog\/?p=297"},"modified":"2023-05-23T14:09:24","modified_gmt":"2023-05-23T14:09:24","slug":"new-federal-rule-increases-payments-for-homebuyers-with-good-credit","status":"publish","type":"post","link":"https:\/\/www.ebwmtg.com\/blog\/new-federal-rule-increases-payments-for-homebuyers-with-good-credit\/","title":{"rendered":"New Federal Rule Increases Payments for Homebuyers with Good Credit"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"276\" height=\"162\" src=\"https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2023\/05\/Picture1.jpg\" alt=\"\" class=\"wp-image-298\"\/><\/figure>\n<\/div>\n\n\n<p>Higher mortgage rates and fees are now increased for homebuyers with good credit ratings thanks to a novel governmental rule to subsidize other potential homebuyers with lower credit scores.<\/p>\n\n\n\n<p>As part of the Federal Housing Finance Agency\u2019s push toward affordable housing, the fees will affect mortgages secured in private banks across the United States.&nbsp;<\/p>\n\n\n\n<p>Homebuyers with credit scores of 680 or more owe roughly $40 more per month based on a $400,000 home loan. Those with down payments of 15- to 20 percent will also see higher fees.<\/p>\n\n\n\n<p>Lenders and real estate agents anticipate the new rule to complicate things for homebuyers with high credit scores and those seeking to refinance.<\/p>\n\n\n\n<p>Ian Wright, a senior loan officer at Bay Equity Home Loans said, \u201cThe changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well. It overcomplicates things for consumers during a process that can already feel overwhelming with the amount of paperwork, jargon, etc. Confusing the borrower is never a good thing. It will cause customer-service issues for lenders and individual loan officers when a consumer won\u2019t understand why their interest rate and fees suddenly changed. I am all for the first-time buyer having a chance to get into the market, but it\u2019s clear these decisions aren\u2019t being made by folks that understand the entire mortgage process.\u201d&nbsp;<\/p>\n\n\n\n<p>A series of Federal Reserve interest rate increases have forced the mortgage rate to over six percent, double where it was in 2022. To deflate inflation, which hit a four-decade high of nine percent in the summer of 2022, the Federal Reserve has swiftly raised rates.<\/p>\n\n\n\n<p>Kenny Parcell, president of the National Association of Realtors, said, \u201cIn the wake of a three-percentage-point increase in mortgage rates, now is not the time to raise fees on homebuyers.\u201d<\/p>\n\n\n\n<p>Homeowners with dodgier credit ratings and minimal down payments will qualify for better mortgages along with discounted fees.&nbsp;<\/p>\n\n\n\n<p>The Federal Housing Finance Agency Director Sandra Thompson said, \u201cThe fee changes will increase pricing support for purchase borrowers limited ability by income or by wealth.\u201d She goes on to say that the changes are minimal, and the shift will guarantee market stability.&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-center\">_____________________<\/p>\n\n\n\n<p><a href=\"https:\/\/ebwmtg.com\/\">EB Mortgage<\/a> is a locally owned mortgage company with experts in new home purchase, refinancing, and commercial loans. Our wholesale rates can\u2019t be beaten. We offer more products, more options, and more solutions. Our \u201c3C&#8221; Process is simple: complete our pre-approval request, consider options based on your requirements, and choose the offer that suits your needs best. <a href=\"tel:%20616-228-8797\">Call us<\/a> or <a href=\"mailto:contact@ebwmtg.com\">e-mail us<\/a> today!&nbsp;&nbsp;<\/p>\n\n\n\n<p><em>Written by the digital marketing team at Creative Programs &amp; Systems: <\/em><a href=\"https:\/\/www.cpsmi.com\/\"><em>https:\/\/www.cpsmi.com\/<\/em><\/a><em>&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Higher mortgage rates and fees are now increased for homebuyers with good credit ratings thanks to a novel governmental rule to subsidize other potential homebuyers with lower credit scores. As part of the Federal Housing Finance Agency\u2019s push toward affordable housing, the fees will affect mortgages secured in private banks across the United States.&nbsp; Homebuyers&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-297","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Federal Rule Increases Payments for Homebuyers with Good Credit - Blog | EB Mortgage<\/title>\n<meta name=\"description\" content=\"Learn more about a new federal rule that increases payments for homeowners with good credit on our blog.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ebwmtg.com\/blog\/new-federal-rule-increases-payments-for-homebuyers-with-good-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Federal Rule Increases Payments for Homebuyers with Good Credit - 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