- A new federal rule could raise the monthly mortgage payments of buyers with good credit scores by over $60 a month…
- While riskier borrowers will get more favorable terms because their fees will be reduced.
Essentially, the ruling would penalize buyers who have paid their bills and made smart decisions with their money.
- There have been complaints that the rule change is unfair and potentially ineffective, creating a “rob Peter to pay Paul” scenario.
- “In the short term, this may increase homeownership among the targeted group, but I’m afraid it could decrease homeownership among the middle class,” says Jerry Howard, CEO of the National Association of Home Builders.