FHA COSTING MORE FOR HOME BUYERS….
The Federal Housing Finance Agency has announced that both Fannie Mae and Freddie Mac would raise fees that they collect from lenders to implement part of the deal reached by lawmakers on the payroll tax break. The FHFA said in a statement that both will raise the fee at least one-tenth of one percent starting April 1, 2012. This fee would amount to an extra $15 per month on a $200,000 mortgage, or $5,400 over the life of a 30-year mortgage.The higher fees would normally go to Fannie and Freddie, reducing the amount of taxpayer funds the companies need from the Treasury. However, the new law sends the fees directly to the Treasury and doesn’t allow them to go to the companies or otherwise pay down the tab for their rescue, which has cost taxpayers about $151 billion to date.
