New mortgage policy change goes into effect

Published: May. 1, 2023 at 8:50 PM CDT
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FARGO, N.D. (Valley News Live) - When it comes to buying big ticket items- like a home- you want to be sure you’re getting the best deal possible. And with frequent changes happening in mortgage policy, buyers have a lot of information to sort through.

Mortgage loan officer Katie Poyzer explains the newest policy, “What has been the biggest change is that people with higher credit scores are going to get a little bit less of a benefit than they did before. So there are a couple of new fees being added to that top score/credit range. And there are also some benefits that are going to be added to the lower score range.”

Poyzer encourages everyone to continue efforts in improving their credit score, despite the new policy implementing fees for the higher credit score bracket.

According to the White House, the mortgage policy changes could save an estimated 850,000 home buyers an average of $800 on home financing costs this year. Most of these home buyers being primarily low to middle income and first-time buyers.