Mixed Impact: Mortgage Fees Vary for Different Credit Scores Under Biden's Plan

Mortgage fees are changing, with those having better credit scores paying more and those with lower credit scores paying less. The changes are aimed at helping more people become homeowners and have narrowed the fee gap between the top and bottom of the credit score spectrum. The changes will help more people on the lower end of the credit score range upgrade from government-backed FHA loans to conventional loans, which could save them money in the long run. However, there are concerns that this could mean more risky loans are approved. These changes only affect loans backed by Fannie Mae and Freddie Mac.