An unpleasant surprise is coming to homeowners with a good credit rating.

You need to be aware of a new federal rule that will change the way home mortgages are repaid. Home owners with good credit of 650 or higher will be required to pay higher mortgage rates and fees to subsidize people with riskier credit that are in the market to buy a home.

This goes into effect on May 1.

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Having a kind heart in a cold-hearted world is a virtue, but this rule has nothing to do with compassion, but rather to re-allocate money.

The government believes that spreading the wealth will lower poverty by reducing inequality. It's straight income redistribution, only this time the formula looks at credit scores and interest rates as another stream of new revenue that's transferred to people with touch-and-go credit who want to buy a home.

I don't like this new rule that's part of the Federal Housing Finance Agency's squeeze for more affordable housing.

All the lending institutions across the nation will be affected. Fannie Mae and Freddie Mac will be in charge of enacting the loan price adjustments. In other words, folks who've been able to maintain a high credit number will now be essentially forced to pay higher mortgage rates and other fees in order to underwrite and put up the money for prospective home buyers with higher-risk credit reports.

If you have a credit rating of 680 or higher, you are considered a good loan risk. Industry experts say if you have a score of 680 or higher, you'll pay about $40 per month more on a home loan of $400,000, and if a down payment of 15 to 20 percent is made, you will get slapped with larger fees than those with credit scores below 680.

People with high credit scores should be rewarded for their achievement, not punished.

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