A few days ago President Biden initiated a new federal rule could raise the monthly mortgage payments of buyers with good credit scores (680+) by over $60 a month…

And when I first saw this I thought for a minute it was a Babylon Bee headline. Turns out it isn’t, but is from Newsweek.

I then shared it with our Instagram family(https://www.instagram.com/seedtime/) and the response was insane. I probably had 50 DMs in less than 24 hours about it - some outraged, some confused, some with questions.

And so today we are going to be doing our weekly LIVE podcast and discussing this and answering as many questions as we can about it.

 

Here are a few of the questions we will be answering:

1. How this new fee affects homebuyers with a credit score of 680 and above 2
2. What credit score ranges will be getting a discount from current rates 
3. How 2/3 of the population is negatively affected by the new mortgage calculation adjustments 
4. What you might expect to pay if your credit score is around 680 under the new rules 
5. If you already have a mortgage, will these new adjustments apply to you 
6. And more… 

 

Links for further reading:

LLPA Matrix: https://singlefamily.fanniemae.com/media/9391/display

LLPA changes: https://www.mortgagenewsdaily.com/news/01192023-big-llpa-changes 

 

If you haven’t checked out our best-selling book Simple Money, Rich Life (https://seedtime.com/smrl/), we think you’ll love it. It was named the 2022 Book of the Year by ICFH and has over 600 5-star reviews on Amazon, and is best described as “a money book for people who don’t read money books.” 

You can take it for a test drive for FREE at https://SeedTime.com/sample where you can download chapter 1 of the audiobook, grab the 1st 2 chapters of the ebook version, and even get the 5-week book study companion guide.