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Fannie and Freddie loans are more expensive April 1

March 11, 2009 By Doug Francis

The L.A. Times recently published a piece discussing how Fannie Mae and Freddie Mac were raising fees, and toughening credit rules depending on FICO credit scores. So start watching for “delivery fees” if you are putting down less than 30%.

That’s not a typo!

  • below 700, add 1.5%
  • 700-720, add .75%
  • 721-739, add .25%

Meaning, if you have a $350,000 loan then you will be charged a delivery fee of .75%, or more simply pay $2,625 more.

This add-on probably won’t stop anyone from buying, and with rates so low with few discount points if any, why make a big deal of it? Because, when someone buys a home, they pump money right back into the economy buying everything from furniture to paint. And if they have $2,625 less to pump back because of the “delivery fee” then the economy will enjoy less of the economic stimulus of the process.

The two companies are promoting this fee to loan officers as adding extra protection. Oh, that is protection for themselves.

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Filed Under: Blog Tagged With: delivery fee, discount points, economic stimulus, Fannie Mae, FICO, Freddie Mac, mortgage

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In-depth, helpful and fun has always been the objective. Outside real estate, he was profiled in a commercial for Verisign's "Where the World Clicks" global ad campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna (#3!). He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

I’m so excited that you found me! Yes, this site covers real estate, but also a lot about lifestyle and  living in Vienna, Virginia outside Washington, D.C.

There is a lot of info here, and you can also contact me with any specific real estate questions. And, at home consultations are available too.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let me help you: Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

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I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

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