HomeReady, HomePossible and BorrowSmart Programs in Washington State

Good news for new home buyers!  With the removal of these fees that were just annouced, the interest rate and fees will be lower for Washington State home buyers. For more information, feel free to reach out today.  Kevin Tinsley NMLS ID 108542 (253) 472-1500.

The Federal Housing Finance Agency (FHFA) today announced targeted changes to Fannie Mae and Freddie Mac's (the Enterprises) guarantee fee pricing by eliminating upfront fees for certain borrowers and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans.

As part of the pricing changes stemming from the Agency's ongoing review of the Enterprises' pricing framework announced last year, FHFA is eliminating upfront fees for:

  • First-time homebuyers at or below 100 percent of area median income (AMI) in most of the United States and below 120 percent of AMI in high-cost areas; 
  • HomeReady and Home Possible loans (Fannie Mae and Freddie Mac's flagship affordable mortgage programs); 
  • HFA Advantage and HFA Preferred loans; and 
  • Single-family loans supporting the Duty to Serve program.

"FHFA is eliminating upfront fees for certain first-time homebuyers, low-income borrowers, and underserved communities to promote sustainable and equitable access to affordable housing," said Director Sandra L. Thompson. "Today's announcement will result in savings for approximately 1 in 5 borrowers of the Enterprises' recent  mortgage acquisitions."

* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.

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