Great news for homeowners looking to refinance right now!
The Federal Housing Finance Agency(FHFA) is officially removing the 50bps Adverse Market Refinance Fee effective August 1st. This means that lenders will no longer be required to pay Fannie Mae or Freddie Mac a 50bps fee on refinances.
The elimination of this fee will help families take advantage of the current low rate environment we’re in. Allowing families to save more money by allowing lenders to pass the cost savings back to the borrowers.
“The COVID-19 pandemic financially exacerbated America’s affordable housing crisis. Eliminating the Adverse Market Refinance Fee will help families take advantage of the low-rate environment to save more money,” said Acting Director Sandra L. Thompson. “Today’s action furthers FHFA’s priority of supporting affordable housing while simultaneously protecting the safety and soundness of the Enterprises.”
This comes inline as the majority of Enterprise borrowers have exited COVID-19 forbearance.
We have lenders who are already waiving the fee as of today, July 16, 2021 so there is no need to wait until August 1st to take advantage!
Not Sure Where To Start?
That's okay. Let us build a custom loan program around your needs and budget.Contact Us