“Those who work in the industry believe the new rules will only serve to frustrate and confuse people as home ownership becomes an increasingly distant dream for so many under the Biden administration.”
(Breitbart) Good-credit homebuyers will be forced to pay more for their mortgages to subsidize loans to higher-risk borrowers when a Biden administration rule begins to take effect next month.
A Washington Times report Tuesday sets out the circumstances around the change. It states:
Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage.
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