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 borrower’s 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 borrower’s 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

Search SWFL Listings

Search The SWFL MLS

Reset
()

Sort Option
  • Listing ID
  • SQ FT
  • Price
  • Development
Grid
List
Map

320 Seaview CT, Marco Island, FL 34145, MARCO ISLAND

2Bedroom(s)
2Bathroom(s)
32Picture(s)
1,132
Visits:0
Seize the Opportunity to Own a piece of Paradise! Enjoy Breathtaking Sunsets and Panoramic Ocean and Island Views, including the iconic Tigertail Beach, from this 2-Bedroom, 2-Bathroom, Fully Renovated Condo. Features Tile Flooring throughout, Kitchen with Stunning Granite countertops, Stainless Steel Appliances, and High-Impact Windows and Sliders. Offered Fully Furnished for your convenience.
$850,000

23136 Sanabria LOOP, Bonita Springs, FL 34135, BONITA LAKES

4Bedroom(s)
4Bathroom(s)
44Picture(s)
3,722
Visits:0
Welcome to your dream home, where luxury meets comfort in every detail. This exquisite 4-bedroom, 3.5-bathroom residence with a den boasts elegance and sophistication at every turn. Nestled in a private and tranquil setting, this home offers a serene escape from the hustle and bustle of everyday life.
$1,295,000

12661 Alderson AVE, Estero, FL 33928, RIVERCREEK IN ESTERO

4Bedroom(s)
5Bathroom(s)
14Picture(s)
3,694
Visits:0
New construction now available! This "Olympia" Pool and Spa home offers Impact Resistant Windows throughout and has 4 Bedrooms plus a Den and Loft, 5 Baths, and a 3-Car Garage, an open kitchen with stainless steel GE Appliances including Gas Cooktop and Quartz Countertops. The master bedroom offers a coffered ceiling, spacious closets and a luxurious master bath.
$1,019,900

2855 Orange Grove TRL, Naples, FL 34120, VALENCIA LAKES

4Bedroom(s)
2Bathroom(s)
50Picture(s)
1,942
Visits:0
Location Location Location - NO FLOODING. Going, Going....soon to be gone. Priced to sell quickly. This freshly painted home is located in the beautifully gated community of Valencia Lakes, in the heart of Golden Gate Estates. This spacious 4 bedroom, 2 bath pool home backs up to a beautiful lake.
$527,000

1830 Brantley RD, Fort Myers, FL 33907, LAKE LAWN CONDO

2Bedroom(s)
2Bathroom(s)
44Picture(s)
1,327
Visits:0
Stunning Views and Designer Upgrades in this South Fort Myers Condo! Experience the beauty of Lake Lawn condos, conveniently located off of Summerlin Rd in South Fort Myers. This updated 2nd floor, 2 bedroom, 2 bath end unit offers a covered carport and is situated in an over 55 community. Located in building E Unit #5.
$267,900

3406 Wellfleet LN, Naples, FL 34114, FIDDLER'S CREEK

4Bedroom(s)
6Bathroom(s)
41Picture(s)
4,756
Visits:0
This amazing 2-story, pool/spa home with an amazing water view is located in the upscale community of Oyster Harbor in Fidldlers Creek. This home is beautifully decorated, furnished and ready to move in. This 2-story home welcomes you to this open floor plan, offering 4 bedrooms, den/office, 6 baths, 3-car garage and a second-floor bonus living room.
$3,200,000

602 25th ST, Cape Coral, FL 33914, CAPE CORAL

3Bedroom(s)
2Bathroom(s)
30Picture(s)
1,671
Visits:0
OVER $100,000 IN UPGRADES - full of custom details!! The interior of this beautiful home offers an open & split bedroom floor plan. Volume ceilings with crown moulding, fresh neutral paint and tile floors with custom baseboards.
$389,900

1220 40th ST, Cape Coral, FL 33904, WAYWARD WIND

2Bedroom(s)
2Bathroom(s)
19Picture(s)
917
Visits:0
Close to downtown Cape Coral and super fast boating access. One-story condo complex with high and dry elevation! **Extraordinary Find - MOTIVATED SELLER!** Presenting a Move-In-Ready Gulf Access Condo, a gem offering swift passage to the Gulf of Mexico. This exquisite home boasts two Primary Suites, each a sanctuary of comfort with their own private bathrooms.
$239,900

2670 Storter AVE, Naples, FL 34112, WHISPERING PINES

3Bedroom(s)
2Bathroom(s)
20Picture(s)
2,107
Visits:0
THREE CONSECUTIVE LOTS! Dreaming of building your perfect home or multiple investment properties? Looking to remodel for rental income while planning your new construction, or hold onto a valuable piece of land as it appreciates over time? This property offers endless possibilities for the savvy investor looking to secure a property in one of Naples' fastest-growing neighborhoods! The property off
$895,000

4113 Residence DR, Fort Myers, FL 33901, THE RESIDENCE

3Bedroom(s)
2Bathroom(s)
47Picture(s)
1,121
Visits:0
PRICED $25,000 UNDER APPRAISED VALUE FOR A QUICK SALE!! This three bedroom, two bathroom 2nd floor end unit has all impact glass, a NEW ROOF AND NEW AC SYSTEM!! The dryer, refrigerator, microwave and dishwasher were all replaced between 2021 and 2024, the kitchen has beautiful quartz countertops and the living area has new vinyl plank flooring.
$190,000

5015 Sands BLVD, Cape Coral, FL 33914, CAPE CORAL

4Bedroom(s)
5Bathroom(s)
50Picture(s)
3,338
Visits:0
Price Improvement! Welcome to 5015 Sands Blvd, Cape Coral, FL 33914—an absolutely stunning residence in an ideal location! This unique floorplan home is move-in ready and has been meticulously renovated. With four split bedrooms, an upstairs bonus room, and four luxurious bathrooms, this property offers an abundance of space and comfort. Step inside to discover an array of high-end upgrades.
$1,439,500

2810 Citrus Lake DR, Naples, FL 34109, LAKESIDE

2Bedroom(s)
2Bathroom(s)
35Picture(s)
1,350
Visits:0
This lovely first floor condo in LAKESIDE is two bedroom + (den or breakfast nook), two bathrooms, Screen lanai with electrical shutter. Living room window has manual shutter. Lakeside is only minutes to Naples Beaches, Mercato, I-75, shopping, restaurants and much more!.
$339,000

2030 El Dorado PKWY, Cape Coral, FL 33914, CAPE HARBOUR

3Bedroom(s)
3Bathroom(s)
32Picture(s)
3,315
Visits:0
BOATING Enthusiasts Opportunity in this Direct Sailboat Access with private Nature Preserve Views! Situated in the serene city of Cape Coral's Cape Harbour Prestigious Boating Community. Property offers the epitome of waterfront living with NO BRIDGES to Gulf of Mexico access.
$2,500,000

915 33rd TER, Cape Coral, FL 33904, CAPE CORAL

3Bedroom(s)
3Bathroom(s)
47Picture(s)
2,143
Visits:0
Discover the beauty of Gulf Coast living in this beautiful Gulf Access home nestled in the heart of southeast Cape Coral. This three-bedroom, two-and-a-half-bathroom residence that includes a den, beckons you to embrace the ultimate Florida lifestyle.
$799,000

4635 Saint Croix LN, Naples, FL 34109, ST CROIX

2Bedroom(s)
2Bathroom(s)
23Picture(s)
1,045
Visits:0
Welcome to your perfect Naples oasis, St Croix at Pelican Marsh. This intimate GATED COMMUNITY is perfectly located in North Naples. 20 Minutes to the airport, 10 minutes to Mercato, MINUTES TO THE BEACH, and just 20 minutes away from downtown 5th Ave. There is also plentiful shopping, restaurants, and grocery stores right outside of the community.
$299,500

1024 Manatee RD, Naples, FL 34114, GULF WINDS EAST

2Bedroom(s)
2Bathroom(s)
29Picture(s)
904
Visits:0
Beautiful second-floor 2BD/2BA condo in the popular Gulf Winds East ''C'' building with terrific lake views from the screened in lanai! The spacious open floor plan features natural light and tasteful decor. The kitchen even offers a great view of the lake. There is a laundry closet in-unit & everything is neatly organized.
$268,000

2615 Somerville LOOP, Cape Coral, FL 33991, SANDOVAL

2Bedroom(s)
2Bathroom(s)
29Picture(s)
1,373
Visits:0
Comfortable fully furnished townhouse 2 bedrooms + Den and 2 bathrooms with a beautiful view of the lake. This property looks like new and has been really taken care of. Somerville at Sandoval is a highly desirable community in Cape Coral featuring resort style amenities, large pool, BBQ area, community room, gym, basketball court, & kids playground.
$325,000

14915 Edgewater CIR, Naples, FL 34114, NAPLES RESERVE

2Bedroom(s)
2Bathroom(s)
41Picture(s)
1,519
Visits:0
Incredible sunsets with this direct west-facing, immaculate, villa home! Loads of upgrades and room for a pool! This beautiful home is open, bright, inviting and is perfectly designed for seasonal use or full-time living in paradise. Featuring two bedrooms, two baths, a den/flex space, a two-car garage and expanded lanai. Enjoy luxurious finishes and features throughout.
$529,000
22835 Results returned.Per Page
Mortgage Rates Dip Below 7% Again
Realtor | Voted #1 Best | Real Estate Florida