How Biden’s Plan to Penalize Responsible Homebuyers Could Ravage Retirement Savings by $31,000
The Federal Housing Finance Authority just announced it will hike the loan-level pricing adjustment fee on homebuyers with high credit scores and redistribute those funds to borrowers with low credit scores. That’s not an insignificant change. Under the new loan-level pricing adjustment matrix, a borrower with a 740 FICO score and a down payment of just under 20% will pay a 1% loan-level pricing adjustment fee. That’s quadruple the prior risk assessment of 0.25%. At the same time, the loan-level pricing adjustment fee for many borrowers with bad credit will…
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