https://abc7.com/joe-biden-mortgage-fees-policy-homeowners-first-time-buyer/13190960/
You can't make this up.
The changes are part of a Biden Administration rule intended to provide equitable access to homeownership. First-time homebuyers with high credit scores would pay more under this new rule.
Before May 1, if you have a credit score of 740 or higher, on a $500,000 loan, you will pay 0.25% fee, which is $1,250. After that date, you could pay as much as .375% - or $1,875 - on that same loan.
People with lower credit scores will pay a lower rate.
The new rule also makes it more expensive for borrowers who want to refinance.
There is a bill in Congress that would repeal this new policy but for now, it is set to go into effect on Monday.
....in other words: Be responsible. Keep your debt low. Maintain a higher credit score. And get fucked with additional fees so irresponsible people with low credit scores can be subsidized.
Welcome to the new "no new taxes" America.