New Mortgage Rule Impact on Good Credit Homebuyers
- Barry B
- Apr 25, 2023
- 1 min read
A federal rule change effective May 1 will force homebuyers with good credit scores to pay higher mortgage rates and fees, subsidizing those with riskier credit ratings. This move, part of the Federal Housing Finance Agency's push for affordable housing, will impact private bank mortgages nationwide.
Critics argue that this rule punishes financially stable homebuyers and could lead to confusion, customer service issues, and delays in a competitive market. They also suggest it doesn't effectively address homeownership opportunity gaps caused by housing shortages and excessive demand.
Stay informed about these changes, as they may affect your homebuying or refinancing journey. Keep an eye on our website for updates and feel free to contact me with questions about this new rule's impact on your home financing options.
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