Concerned About Rising Mortgage Fees on May 1st?
Several of our clients have reached out to us about items they have heard in the news.
Some of the headlines are pretty disturbing suggesting that some buyers are going to be charged more starting May 1st and other buyers will be charged less.
Well, in a nut shell, this is true. The fees charged by Fannie Mae and Freddie Mac (known as Loan-Level Price Adjustments) have been around since 2008 but
on May 1st, they are changing.
Compared to the current fee structure, higher credit score buyers will pay a larger fee and lower credit score buyers will pay a smaller fee. This is not to say
that lower credit score buyers will pay less than higher credit score buyers; but the gap between the two will be reduced.
For example, a buyer putting 20% down with a credit score of 640 will have a Loan Level Price Adjustment of 2.5%;
while the same down payment with a 740 credit score would have a Loan Level Price Adjustment of only be 1%.
So higher credit score buyers still will pay less…but the gap is reduced.
The stated purpose of these changes by the Federal Housing Finance Agency is to help provide “equitable and sustainable access to homeownership”
At Legacy, we want to help you find the lowest cost solutions to your home buying challenges.
Contact a Legacy Professional today to see how we can save you money.

Meet Frank Cramer

We just received notice that our latest course has been approved by the State of Michigan!

Fenton Expo Success. Thank you Fenton and Linden Regional Chamber of Commerce for the wonderful opportunity this last weekend to connect with businesses and friends in our community. We had a fantastic time!

Looking forward to the Fenton Expo this Saturday (10-5) and Sunday (11-4) at the Fenton High School. Thanks to the Fenton Regional Chamber of Commerce for holding such a terrific event for our community. Special thanks to our friends at Image Projections for embroidering our sweaters! #fentonregionalchamberofcommerce #imageprojections

This week, Michigan property owners are all receiving a notice regarding their Property Taxes and Assessment. Our agents recently completed an exclusive class approved by the State of Michigan on this form and it’s impact on taxes both for the owner and the buyer – if it is sold. If you have questions, contact a Legacy Professional today!      #LegacyRealty      #MichiganRealEstate

We are proud to announce another exclusive Legacy Realty Course has been Certified by the State of Michigan for Continuing Education hours. This course on Property Taxation will help our agents to distinguish themselves from the competition and help our clients understand the “Pop Up” tax and how to estimate future tax obligations. Call one of our professionals to learn more.

Thanks to the Fenton Community & Cultural Center for allowing us to be the first company since the lock down began, to use their main room for our Continuing Education program next week. It is exciting to hold our class in such an iconic building!