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Fannie To Tack On 3/4% Fee On All Condo Loans Made With Less Than 25% Downpayment

By r morris

The Chicago Tribune reports: With many lenders already casting a wary eye on condo loans because of their default rate, Fannie Mae has upped the ante by adding a fee of .75 percent of the loan amount of a 30-year fixed mortgage, for borrowers who put down 25 percent of the purchase price or less, effective April 1. In simple math, for a condo priced at $300,000, with a mortgage of $240,000 (a 20

Full post as published by The Home Equity Theft Reporter on January 22, 2009 (boomark / email).