Mortgage ChangesYou Need To Know: Fannie Mae Adds More Fees on Loans Brought to You By Charlie Thompson, Lender with Realty Mortgage in Nashville Tennessee

DEAR FRIENDS,

THERE HAVE BEEN DRAMATIC CHANGES IN HOW YOUR CREDIT SCORES WILL BE HANDLED BY MORTGAGE COMPANIES DUE TO THE CHANGES MADE BY FANNIE MAE, FHA/VA AND SOON BY FREDDIE MAC.  THESE CHANGES ARE RISK BASED.  THEY PERTAIN PRIMARILY TO CREDIT SCORES FROM 680 DOWN, HOWEVER IT CAN REACH AS HIGH AS 720.  ALSO, LOAN TO VALUES COME INTO PLAY.  THE MORE YOU BORROW THE HIGHER THE ADJUSTMENT.  

ACCORDING TO THE WALSTREET JOURNAL…"Fannie Adds More Fees on Loans — Even for Home Buyers
With Good Credit;Fannie Mae, the giant government-sponsored mortgage investor, last week raised costs for many borrowers by quietly adding a 0.25% up-front charge on all new mortgages that it buys or guarantees. On a $400,000 mortgage, that would mean an extra $1,000 in fees, almost certain to be passed on to the consumer. Freddie Mac, the other big government-sponsored mortgage investor, is expected to impose a similar fee soon, according to a person familiar with the situation".

CLICK HERE TO READ THE WALL STREET JOURNAL ARTICLE IN FULL, AND I WILL TRY TO ANSWER ANY QUESTIONS AS YOU HAVE THEM.

I HOPE THIS HELPS YOU TO UNDERSTAND THE MORTGAGE INDUSTRY AND ALLOWS YOU TO MAKE THE NECESSARY ADJUSTMENTS.

SINCERELY,

CHARLIE THOMPSON

Mortgage Loan Consultant

Office: 615-507-1307

Cell: 615-498-4240

Fax: 615-377-4994

Toll Free: 866-367-0287

Email: cthompson@realtymortgage.com

Charlie’s primary goal is to help you obtain the mortgage that is right for you, while delivering world class service with a friendly touch.  The key to a smooth and successful loan application lies with the experience and dedication of your loan officer. As a certified Mortgage Specialist by Professional Mortgage Institute, Charlie will provide you with the expertise and personal service you deserve.

Find out more about Charlie Thomspon and Nashville Tennessee Mortgage Loans by clicking here.

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