We bring you excellent news for homeowners looking to take advantage of historically low-interest rates.
The Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac (the Enterprises) to delay the implementation date of their Adverse Market Refinance Fee until December 1, 2020, instead of September 1, 2020.
FHFA is also announcing that the Enterprises will exempt refinance loans with loan balances below $125,000, nearly half of which is comprised of lower-income borrowers ( at or below 80% of area median income). Affordable refinance products, Home Ready and Home Possible, are also exempt.