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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