The Truth About Biden's New Mortgage Rules
Posted by Andy Mandel on
I'm sure you've seen by now the news all over the internet about a new unfair tax on mortgage borrowers with higher credit scores.
Some people have gone so far as to suggest that they could intentionally lower their credit score in order to get a better deal, but before you stop paying your bills in the hope of cashing in, let's separate fact from fiction.
First, and most importantly, you'll absolutely not get a better deal on your mortgage rate if your credit score is lower, no matter what you hear on the news.
This all has to do with changes to loan level price adjustments, also known as LLPAs imposed by Fannie Mae and Freddie Mac. Which are the two government agencies that guarantee a vast majority of the new mortgages.
LLPAs are also…
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