Fannie Mae Adds Fees for Condo Buyers

Fannie Mae Adds Fees for Condo Buyers



The Federal National Mortgage Association, or Fannie Mae, has taken steps to make the cost of purchasing or refinancing a condo more expensive, unless the purchaser makes a sizable down payment.

With many lenders already wary of condo loans because of their default rate, Fannie Mae has added a fee of .75 percent of the loan amount of a 30-year fixed mortgage, for borrowers who put down 25 percent of the purchase price or less, effective April 1, 2009.

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