Exciting news! The Biden administration has found a new way to punish responsible Americans who pay their bills on time, repay their loans and maintain a good credit score.

Beginning May 1, if you’re one of those thrifty people and you’re buying a home, you may pay higher fees to underwrite less-qualified buyers who are trying to get into the housing market.

Here, read it for yourself:

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.

The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.

Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.

The new fees will apply only to Americans buying houses or refinancing after May 1.

Looks like the housing “experts” in Washington learned absolutely nothing from the subprime mortgage debacle that caused markets to crash in 2007 and led to a tsunami of foreclosures.

Newspaper employees weren’t supposed to talk about it at the time, but the only revenue source that thrived during that recession was from foreclosure ads in the classifieds.

As Biden himself would say, “No joke.” 

You want to know what a boneheaded move this is? President Barack Obama’s Federal Housing Finance chief says it’s a huge mistake, according to Fox Business.

"This is an unprecedented move," Former Federal Housing Administration Commissioner David Stevens said on "America Reports" Thursday. "We can do better programs to help more minorities get into homeownership. This is not the way to do it…"

…For the first time ever, the [FHFA] director, in an effort to bring more first-time homebuyers - particularly minority homebuyers into the GSE's lending programs - made a shift where she lowered the fees being charged to borrowers with low down payments and low credit scores and the way she compensated or they compensated for that loss of income, that capital costs that they're going to incur, is they're actually raising fees on better creditworthy borrowers who are putting down much larger down payments," Stevens said.

“This has really convoluted the entire discipline and credit risk pricing structure that Fannie Mae and Freddie Mac have followed since their inception," Stevens added.

"I think it violates the entire discipline that these two companies have operated under. And it's going to end up costing some borrowers who are putting in 15, 20% down payments, who have credit scores in the seven hundreds and above more for their mortgage so they can help pay for those who are getting the discount," he warned.

What’s behind this move to penalize those with larger down payments and good credit to help those with poor credit and small savings get into the housing market?

It’s the race-obsessed Biden administration’s blind devotion to “equity.” Sigh.

This move couldn’t come at a worse time. The housing market has been suffering ever since the Fed began raising interest rates. With signs that the rate increases are slowing and spring being the most popular time of the year to sell and buy homes, this will cool a market that was poised to begin a recovery.

There’s only one thing to do if you’re getting ready to buy a house and you have great credit: Open a slew of new credit cards, start charging everything in sight and make only minimum payments. Pay your bills late. Better yet, don’t pay them at all.

Follow those instructions and you’re on your way to your dream house in Biden’s utopia.

Ain’t socialism fun?