Fannie Mae changes for these type of mortgages: second home mortgages, investment properties, and high balance loans. There will be additional costs for mortgage buyers of second homes and investment property mortgages. Loan level price adjustments for second home buyers, investment property buyers, and high balance loan customers for new purchase loans and mortgage refinancing.

A high balance LLPA will not apply if any borrower on the loan is a firsttime homebuyer. Total qualifying income of all borrowers is less than or equal to 100%. Fannie Mae is also introducing a new loanlevel price adjustment (LLPA) for cashout refinance transactions. This LLPA will apply to all cashout refinance transactions regardless of the borrowers occupancy status. In addition, Fannie Mae is increasing the minimum credit score requirement for all borrowers on all mortgage products to 620. This change will take effect on May 1st, 2023. Fannie Mae is also introducing a new loanlevel price adjustment (LLPA) for loans with a loantovalue (LTV) ratio greater than 95%. This LLPA will apply to all mortgage products regardless of the borrowers occupancy status.

FAQs

1. What types of mortgages are affected by Fannie Mae’s recent changes?

The recent changes affect second home mortgages, investment properties, and high balance loans. These changes include additional costs for new purchase loans and mortgage refinancing.

2. What are Loan Level Price Adjustments (LLPAs)?

LLPAs are additional fees based on specific loan characteristics such as property type, credit score, and loan-to-value (LTV) ratio. These fees are added at the time of loan origination and can impact the interest rate or closing costs.

3. Are there any exemptions from the high balance LLPA?

Yes, a high balance LLPA will not apply if at least one borrower on the loan is a first-time homebuyer and the total qualifying income of all borrowers is less than or equal to 100% of the area median income (AMI).

4. What is the new LLPA for cash-out refinance transactions?

Fannie Mae has introduced a new LLPA for all cash-out refinance transactions, regardless of the borrower’s occupancy status.

5. What is the minimum credit score required under the new Fannie Mae guidelines?

Fannie Mae has increased the minimum credit score requirement for all borrowers on all mortgage products to 620, effective May 1st, 2023.

6. What is the LLPA for loans with an LTV ratio greater than 95%?

A new LLPA has been introduced for loans with an LTV ratio greater than 95%. This adjustment applies to all mortgage products, irrespective of the borrower’s occupancy status.

7. Can borrowers avoid these new fees?

There may be strategies to avoid or minimize the impact of these new fees. For personalized advice and information on how to potentially avoid these fees, you can call 239-370-1513.

8. When did these changes take effect?

The changes, including the increased credit score requirement and new LLPAs, took effect on May 1st, 2023.

9. Who should I contact for more details?

For more information or to discuss how these changes might affect your mortgage options, call 239-370-1513.

There are ways to avoid Fannie Mae’s new additional fees. Call for more information. Call 239-370-1513

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9808 Almetta AVE, Fort Myers, FL 33919
FORSYTH RIVERVIEW PARK

2Bedroom(s)
1Bathroom(s)
2Picture(s)
860
Visits:0
A true Fort Myers cutie - This turnkey-staged home shows amazing. (Professional photos before June 2nd ) - Location Location Bring the toys: boats and an RV are welcome. Check out the massive backyard with a private fire pit and shed for extra storage. A quick walk to the Deep Lagoon restaurant. - This would be a perfect Airbnb rental , part-time home, or family home.
$259,000

8311 Village Edge CIR, Fort Myers, FL 33919
LAKEWOOD VILLAGE

3Bedroom(s)
3Bathroom(s)
29Picture(s)
1,634
Visits:0
Welcome to your turn-key furnished slice of paradise in the heart of Fort Myers! Nestled within the sought-after gated community of Lakewood Village, this charming lakefront townhome offers the perfect blend of tranquility and convenience. Featuring 3 bedrooms, 2.5 bathrooms, and a 1-car garage, this home boasts a spacious layout ideal for comfortable living.
$275,000

14061 Brant Point CIR, Fort Myers, FL 33919
HERITAGE COVE

2Bedroom(s)
2Bathroom(s)
34Picture(s)
1,127
Visits:0
Beautiful Lakefront Condominium with Captivating Views! This Second Floor Brookside Model is located in highly desirable Heritage Cove, a beautiful 55+ community.
$290,000

1901 Wanda AVE, Lehigh Acres, FL 33971
LEHIGH ACRES

3Bedroom(s)
2Bathroom(s)
3Picture(s)
1,777
Visits:0
none
$370,000

4619 7th ST, Lehigh Acres, FL 33971
LEHIGH ACRES

3Bedroom(s)
2Bathroom(s)
22Picture(s)
1,789
Visits:0
Step into elegance with this stunning new construction home, designed for both style and functionality. Located in the desirable [Insert Community or City Name], this home features an open-concept floor plan, gourmet kitchen with quartz countertops, stainless steel appliances, and a spacious island perfect for entertaining.
$399,900

865 Cape Haze LN, Naples, FL 34104
NAPLES MOBILE ESTATE

2Bedroom(s)
2Bathroom(s)
43Picture(s)
1,416
Visits:0
Welcome to your dream home in the heart of Naples, FL! This stunning, fully renovated residence showcases thoughtful craftsmanship with meticulous attention to every detail. Boasting 2 bedrooms, 2 beautifully upgraded bathrooms, and a versatile den, this home perfectly blends style and functionality.
$329,900

44464 Diamond TRL, Punta Gorda, FL 33982
BABCOCK RANCH

4Bedroom(s)
3Bathroom(s)
9Picture(s)
2,168
Visits:0
Brand NEW energy-efficient home ready NOW! First-floor primary suite ensures everyone has their own private space. Second floor offers a spacious loft that can be used to best fit your needs. Enjoy preparing meals in the open kitchen with spacious work island. Visit Crescent Lakes - Premier Series and explore a gated community of single-family homes for sale in Southwest FL.
$395,555

44451 Diamond TRL, Punta Gorda, FL 33982
BABCOCK RANCH

3Bedroom(s)
2Bathroom(s)
7Picture(s)
1,269
Visits:0
Brand NEW energy-efficient home ready NOW! Prepare dinner while catching up on the day’s events from this home's chef-inspired kitchen which overlooks a great room and dining area. Well appointed primary suite provides a restful retreat at the end of the day and has a spacious walk-in closet.
$291,455

955 Plantation RD, Lehigh Acres, FL 33974
LEHIGH ACRES

4Bedroom(s)
2Bathroom(s)
26Picture(s)
1,571
Visits:0
Beautiful New Construction Home with builder warranty Welcome to your dream home! This stunning new construction property offers the perfect blend of modern design and high-quality features. With tile flooring throughout, this home is both stylish and easy to maintain. Enjoy peace of mind with hurricane impact windows, providing added safety and energy efficiency.
$317,900

130 Sanborn DR, Lehigh Acres, FL 33972
GREENBRIAR

3Bedroom(s)
2Bathroom(s)
24Picture(s)
1,258
Visits:0
BRAND NEW CONSTRUCTION! You Will Be Amazed By The Quality Of This Brand New 3 Bedroom/2 Bathroom/1 Car Garage Home With Northeastern Exposure For Those Amazing Florida Sunsets/Sunrises All On An Oversized .40 Acre Lot In The Beautiful Greenbriar Neighborhood Of Lehigh Acres, FL.
$309,900

1208 Josephine ST, Lakeland, FL 33815
NOT APPLICABLE

4Bedroom(s)
2Bathroom(s)
12Picture(s)
1,083
Visits:0
Explore everything downtown Lakeland has to offer from this renovated 1925 bungalow, located in one of Lakeland’s most up and coming neighborhoods. This charming home boasts a quality remodel which includes newer windows, kitchen cabinets and quartz countertops, stainless steel appliances, flooring, paint, ceiling fans, and siding.
$285,000

6600 Legacy WAY, Ave Maria, FL 34142
AVE MARIA

2Bedroom(s)
2Bathroom(s)
44Picture(s)
1,943
Visits:0
GOLF COURSE LIVING AT IT'S BEST-COME LIVE THE DEL WEBB LIFE IN THIS BEAUTIFUL PALMARY HOME ON THE 13TH GREEN. GOURMET KITCHEN W/ STAINLESS STEEL BUILT-IN APPLIANCES WHITE CABINETS WITH QUARTZ COUNTER TOPS.
$529,999

17211 Nile CT, Punta Gorda, FL 33955
PORT CHARLOTTE

4Bedroom(s)
3Bathroom(s)
25Picture(s)
2,092
Visits:0
This exquisite 2,092-square-foot residence sits on a 0.25-acre lot. Designed for both comfort and elegance, the home features 4 bedrooms, 3 bathrooms, and a 2-car garage, setting a new standard for refined living. Step inside to discover premium finishes throughout.
$425,000

14372 Neptune AVE, Naples, FL 34114
NAPLES RESERVE

3Bedroom(s)
4Bathroom(s)
50Picture(s)
2,749
Visits:0
Experience the ultimate in luxury and resort-style living in this exceptional 2019 Stock-built Marathon 3 floor plan home. Perfectly situated on an oversized western exposure lot with breathtaking sunset views over the lake. Spanning 4,050 total sq. ft. of indoor and outdoor living space. Gorgeous wide plank white oak engineered hard wood flooring throughout much of the home.
$1,889,999

860 Panama CT, Marco Island, FL 34145
MARCO ISLAND

2Bedroom(s)
2Bathroom(s)
37Picture(s)
1,210
Visits:0
Bask in a Marco Island south end gem right on the water! This exceptionally maintained ground-floor 2-bedroom, 2-bathroom condo at Vantage Point offers a waterfront treat for boaters, fishers, and all-around water enthusiasts! Included with this condo is the deeded assignment of boat slip #15.
$709,000

12417 Dolomite WAY, Alva, FL 33920
BABCOCK RANCH

2Bedroom(s)
2Bathroom(s)
48Picture(s)
1,579
Visits:0
Move-in ready and located in the vibrant, solar-powered community of TerraWalk at Babcock Ranch, this newly constructed Ellenwood attached villa offers 2 bedrooms, 2 bathrooms, a versatile den, and a 2-car garage—all overlooking serene water views.
$398,395

1002 7th AVE, Cape Coral, FL 33909
CAPE CORAL

3Bedroom(s)
2Bathroom(s)
24Picture(s)
1,630
Visits:0
Welcome to this beautiful corner-lot home, ideally located just minutes from shopping centers and restaurants at Pine Island Road and Del Prado Boulevard. Step through the elegant double-door entry into this stunning home offering 1,630 square feet of living space. The open floor plan and high ceilings create a spacious, airy feel, complemented by sleek porcelain tile flooring throughout.
$415,000

8901 Saint Lucia DR, Naples, FL 34114
HACIENDA LAKES

3Bedroom(s)
2Bathroom(s)
46Picture(s)
1,569
Visits:0
This meticulously maintained home offers three dedicated bedrooms, each with its own closet, and two full baths designed with comfort and style in mind. From the moment you arrive, the classic tile roof, paver driveway, and pristine landscaping, enhanced with vibrant flowers and mature trees, create a warm and inviting atmosphere that sets this home apart.
$685,000
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