FHFA Announces Upfront Fees For Second Home Loans
It's #wisdomwednesday and today is about the possible implications of second home purchases after April 01,2022. The Federal Housing Finance Agency (FHFA) today announced targeted increases in advance fees to Fannie Mae and Freddie Mac for certain high-balance loans and second home loans.
For second home loans, the upfront fee will rise between 1.125% and 3.875%, graded by the loan-to-value ratio (https://tripploans.com/fhfa-announces-upfront-fees-for-high-balance-and-second-home-loans-nmp/).
This means if you have been thinking about purchasing a second home, and you are financially positioned to do so, now may be the time.
If you have any questions or would like to discuss the purchase of a second home, feel free to reach out!
Humboldt Equity, Inc.