Beginning May 1, upfront fees for loans backed by Fannie Mae and Freddie Mac will be adjusted because of changes in the Loan Level Price Adjustments (LLPAs). Those fees are based on things including the borrower's credit score, size of the down payment, type of home and more. In some cases, people with better credit scores may pay more in fees, while those with lower credit scores will pay less.

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.

What short term and long-term benefits and negative effects will the homebuyers experience. How would this impact everyone else?