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FHFA Scraps G-Fees for Certain Buyers

The Federal Housing Finance Agency said it will end guaranteed fees, or G-fees, for some first-time and low-income homebuyers. So reports FOX Business.

FHFA2In 2020, the average G-fee paid to the mortgage-backed security issuer or the company that backs the loan, such as Freddie Mac or Fannie Mae, was 0.54% of the total mortgage amount, according to FHFA data.

“FHFA is eliminating upfront fees for certain first-time homebuyers, low-income borrower and underserved communities to promote sustainable and equitable access to affordable housing,” said FHFA director Sandra Thompson.

Read the full article from FOX Business.

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