The cancellation made by FHFA will benefit many borrowers. The FHFA ends the plan by changing mortgage fees to people based on their debt-to-income ratio.
Federal Housing Finance Agency’s new mortgage fees are canceled
The Federal Housing Finance Agency ends its idea to alter the mortgage fees of borrowers based on their debt-to-income ratio.
The new mortgage fees are supposed to go into effect starting May 1, 2023, delayed until August, and are now canceled.
The new mortgage fees plan by Federal Housing Finance Agency hurt current and future mortgage borrowers.
DTI ratio isn’t a pointer to a borrower’s capability to pay their loans
If the new mortgage fees were implemented, borrowers with a ratio above 40% need to pay an additional 0.37% mortgage fee on their house loan.
DTI ratio isn’t a pointer to a borrower’s capability to pay their loans. The mortgage fees are afforded by the family who wants a stable home.