Fannie Mae Raises Mortgage Fees

Fannie Mae
Fannie Mae

Fannie Mae will be raising its mortgage fees

this spring in an effort to cover its risk, or perhaps to make up ground for the losses it felt with the housing downturn. So although homebuyers might benefit from the lower prices on homes for sale, you'll be paying more in fees, when and if you qualify for a Fannie Mae mortgage loan.

The increased fees just might make it harder for even buyers with stellar credit scores and decent down payments, reported the Washington Post. That's because if you roll the fees into your loan rather than pay the extra thousands out of pocket, you'll have to qualify for a higher monthly payment.

If your credit score is less than a 740 and you finance more than 75 percent of the value of your home, expect to pay anywhere from 0.250 percent more up to 3.250 percent more in fees depending upon your credit score and your loan to value amount.

Originally published