Getting a mortgage may now cost more

While buying Houston homes remains very affordable, a new series of fees instituted by Fannie Mae may increase the cost of getting a mortgage for many people.

The new rules, called risk-based pricing, tack on an additional fee to loans where the borrower puts less than 25 percent down or has a credit score of 740 or less - requirements which likely won't be met by the majority of homebuyers. Borrowers can choose to either pay the additional fee up-front or add it in to the cost of the loan itself.

Analysts told MarketWatch the changes will put an increased emphasis on credit scores.

"What could happen is that the people who are, let's say, at a 675 score might end up waiting a couple of months because the difference between a 675 and 680 is big," Les Berman, a senior mortgage advisor with First Cal, told the site.

However, those buying a home should know right away if their credit is affecting the mortgage rate they are getting. New compliance regulations, which went into effect on January 1, require banks to tell borrowers if their credit had a negative impact on the loan terms.