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Date: 2020-08-13 19:04:31
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Fannie Mae and Freddie Mac just instituted a new housing “covid” tax on all refinances – this works out to about a $2,000 tax on every homeowner or investor using 1-4 real estate loans on a $400,000 loan. This doesn’t affect purchases. This new rule was implemented August 12, 2020 and has immediately taken affect in the markets – this new fee (aka covid-tax) came out of no where and here are all of the details on this new tax on housing, investments, multifamily, etc.
How much is the new covid tax on housing? The New Refinance Fee is about 0.5% or about $2,000 on a $400,000 loan.
What loans are affected by the new refinance fee? Fannie Mae and Freddie Mac Conventional Loans.
When does the new covid tax go into affect on real estate for refinances? Immediately for consumers getting new loans. If you’re already refinancing and have locked your rate, it should not affect you.
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