Homebuyers with good credit scores will soon encounter a costly surprise.
A Biden Administration rule will force them to pay more for their mortgages to subsidize loans to higher-risk borrowers, according to the Washington Post.
Experts believe that borrowers with a credit score of about 680 will pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency.
This will go into effect May 1, as part of the administration’s push for affordable housing.
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