More Headwinds for U.S. Housing Market. Mortgage costs for borrowers without big down payments and with less-than-perfect credit scores are set to rise next spring as Fannie Mae and Freddie Mac prepare to boost fees they charge mortgage lenders.
Fannie Mae and Freddie Mac Set to Boost Fees in March 2014.According to the WSJ, buyers with a credit score of 735 making a 10% down payment will pay fees totaling 2% of the loan amount, up from 0.75% right now. For borrowers making a 10% down payment with credit scores of 750, fees will increase to 1.5% from 0.5%; and for those loans with a borrower credit score of 775, the upfront fee will rise to 1% from 0.5%. Even borrowers with big down payments could see higher fees. For those with a 690 credit score and a whopping 25% down payment, fees will jump to 2.25% of the loan amount, from 1.5%.
Time to Buy Investment Properties. With America increasingly turning into a “renter nation,” and with mortgage rates nowhere to go but up, now is a good time to scoop up cheap rental properties before the rules become even more strict.
The December FOMC meeting has concluded and the policy announcement has been issued: The Fed has decided to slightly scale back its gargantuan monthly bond-purchases by $10 billion per month.
An Indian diplomat said she faced repeated “handcuffing, stripping and cavity searches” following her arrest in New York City on visa fraud charges in a case that has infuriated the government in New Delhi.
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