Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2017 ALM Media Properties, LLC. All Rights Reserved.