FHLMC and FNMA do not lend on vacant lots. Their response was relevant to the question. The answer to their question was "No, it won't impact your loan directly."
MookieBlaylock said:SpencAg said:
Only affects your loan if you are looking to do a long-term fixed-rate, government backed product
So 95% of primary home buyers
No. it's at least 40% down. 39.99% or less and fees start.SeanG512 said:
Am I reading this chart right?
If I put down 30% or more, I am safe? No extra fee?
But if I put 29% down or less….then I will have a fee?
looks like they have rescinded this program due to protests from...about everyoneJay@AgsReward.com said:
It would effect any deal that was locked in early March or later. The May 1st is the date the loan is delivered to the GSE's.
Here is good article about the whole thing: https://www.mortgagenewsdaily.com/markets/mortgage-rates-04212023
Quote:
Did you hear that sound? That's the entire mortgage industry shouting, "hip, hip hooray!" The Federal Housing Finance Agency (FHFA) on Wednesday announced that it would rescind a controversial loan-level pricing adjustment (LLPA) for conventional borrowers with debt-to-income (DTI) levels at or above 40%.
The FHFA, which regulates Fannie Mae and Freddie Mac, had previously delayed implementation of the DTI LLPA from May 1, 2023 to August 1, 2023 following a chorus of upset from mortgage industry stakeholders, including the influential Mortgage Bankers Association (MBA).