For a given person (income, fico scores, lender, loan amount etc. being constant), is it true that the lender will charge higher interest rate if he buys a townhome instead of a detached home?

I was told this buy a loan agent and wanted to enquire if this is true.

Depending on whether or not this is considered a condominium (condo ownership), if you are borrowing more then 75% if the value of the property, there is indeed a .75% adjustment that must be factored in when calculating your rate.

I hope this helps. 

Stu Sable]

Luxury Mortgage

Fannie Mae requires a surcharge (called a "loan level price adjustment") of .75% of the loan amount for anyone purchasing an attached condominium or townhome (as compared to single family/detached) on 30 year loans where the down payment is less than 25%.

This charge ($750 on every 100,000) is generally either paid by the customer in order to get the same rate, OR, paid by the lender indirectly by charging a slightly higher interest rate.

Fannie Mae is generally called a "conforming" loan. Other types of financing, such as FHA (Federal Housing Administration Insured) loans do not have this surcharge, but may not allow for financing some condominiums at all, according to the characteristics of the association.

Because this is a charge directly from Fannie Mae, it should be universal for all "conforming" lenders  and brokers throughout the country.