Higher Fees For Condo Buyers...

As of April 1st of this year, those purchasing or refinancing a condo with less than 25% down will be assessed an extra fee if using a Fannie May loan.  The charge will be 0.75% of the loan amount on a 30-year fixed rate mortgage. 

That means a buyer of a $350,000 condo, putting 20% down, will pay an additional $2,100 if their loan is purchased from your lender by Fannie May!  

You can read more about it in this recent Chicago Tribune article, and let us know if you have any questions!