Having helped to create the economy threatening debacle we find ourselves in Fannie Mae (essentially an arm of the federal Government) now decides to make it more expensive to buy a condo.
The Federal National Mortgage Association or Fannie Mae has taken steps to make the cost of purchasing or refinancing a condo more expensive unless the purchase makes a sizable down payment.
With many lenders are already wary of condo loans because of their default rate, Fannie Mae has added 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 other words, if a condo is priced at $300,000, with a mortgage of $240,000 (a 20 percent down payment), and Fannie Mae will be purchasing the loan from your lender, it will assess the buyer an additional $1,800.
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