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Homebuyers who have the income to support a loan but do not have 20 percent down are usually required to pay premiums for a policy insuring the mortgage. The Federal Housing Finance Administration (FHFA), the conservator for government-sponsored entities Fannie Mae and Freddie Mac, announced proposed mortgage insurance premium surcharges for five states: Connecticut, New York, New Jersey, Florida, and Illinois. These surcharges will raise the monthly mortgage payments of buyers who receive Fannie Mae or Freddie Mac-backed mortgages (by some estimates adding $30,000 over the life of the mortgages). According to FHFA, it used an formula that purports to take into account the length of time between default and the acquisition of title and its costs in carrying the property, such as property taxes, to justify these surcharges.

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