Fannie Mae has come out with new price hikes to their mortgage rates for those borrowers without perfect credit. Up until February if Fannie would approve the loan, everyone got the same rates. Now Fannie may approve someone, but if their credit score is below 720 (which is really excellent credit) they will have a higher, and sometimes much higher, interest rate.
So for all the media hype of making loans better and more affortable, here is the largest GSA doing the exact opposite. I'm not saying that it doesn't make sense, only that the media needs to get it right.
let me know what you think
Bill
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1 comment:
Bill, Thanks for setting this straight. I think a lot of home buyer are confused on this based on what the media is reporting.
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