01-04-2012 08:24 AM
Maybe I am going insane, but the other day I was reading a news story on my phone about new laws for 2012 and one of the federal ones I read had something to do with new government fees or tax or insurance or something on all loans through FHA, Freddie Mac and Fannie Mae which it said was 90% of all mortgages out there. I recall that the fees would equal around $17 for every 200k in loan and was effective 1/1/12
I have not seen anything since --any one know anything about this?
I am concerned that since my loan has STILL not closed (see other frustrated thread LOL) that now my payment is going to go up. Our loan is 460 so that is around $40 more a month! And since they told us our DTI ratio was really close -- such that an estimated increase of payment on a student loan (which is in deferment) of $20 could disqualify us, now I wonder if we are suddenly going to have an issue cause of the delay.
Anyone with info/insight?
01-04-2012 11:31 AM
I am in the business..... and don't know anything about it.
maybe it was 'proposed' in congress or something.
01-04-2012 11:38 AM
Didn't they add something when they extended FHA loan limits back up to the higher levels. I don't know if that only applied to the higher loan limits, but I thought they added a fee to help cover the costs of those loans.
01-04-2012 11:54 AM
I'll avoid any discussion of politics, but this was part of the 2 month extension of unemployment benefits and reduction in FICA withholding passed just before Christmas.
House GOP agrees to 2-month extension of payroll tax cut:
Under the agreement, benefits for the long-term unemployed will also be extended for two months and scheduled cuts in reimbursements to doctors who serve Medicare patients will be postponed. The $33 billion package will be funded by increasing the fees that Fannie Mae and Freddie Mac charge lenders for guaranteeing home loans.
01-04-2012 11:57 AM
I found the info -- it is an increase in the government guarantee fees in order to fund the payroll tax extension and is estiamted to be an increase of about $10 for every $100k
Fortunatley for us-- if I am reading these right, since we locked our loan before 1/1/12 then this will not apply to us.
01-04-2012 02:35 PM
i came back because i remembered the payroll tax extension.
although i haven't seen how the fees will be implemented yet
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO