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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10001 Gulf of Mexico BLVD, MARATHON FL 33050

5Bedroom(s)
7Bathroom(s)
50Picture(s)
4,200
If you are looking for a beautiful place to call home, your very own paradise awaits! Located in the heart of the Florida Keys, Marathon is a tranquil and serene place to live, surrounded by the crystal clear waters of the Gulf of Mexico. This modern beachfront property has it all.
$13,895,000

2170 Gordon DR, NAPLES FL 34102

2Bathroom(s)
18Picture(s)
3,518
The third piece of an amazing beachfront opportunity is Megan Park! This is the Northernmost parcel of one of the largest oceanfront legacy properties on the market in Southwest Florida. Combined, all three properties span over 15 acres with 812 linear feet of ocean frontage.
$60,000,000

200 Palm DR # 7, NAPLES FL 34112

2Bedroom(s)
2Bathroom(s)
30Picture(s)
1,010
Just reduced! Rented now until March 31st! Great Investment property! Beautifully renovated first floor Contemporary model in the Glades Golf & Country Club. This 2 bedroom, 2 bath condo features updated bathrooms and kitchen, newer flooring, New washer and dryer in residence, newer moldings and doors throughout.Brand new AC unit, Hot Water Heater 2015. Condo is turnkey.
$208,000

5297 White Sky CIR, FORT MYERS FL 33908

2Bedroom(s)
2Bathroom(s)
26Picture(s)
1,018
BIG PRICE CORRECTION, New retaining wall has been added by the boat launch. Located in the wonderful Gulf Access 55+ community of America Outdoors and centrally located close to shopping, beaches, airport and restaurants. This beautiful two bedroom, two bath manufactured home includes ownership of the land and low HOA fees.
$159,900

7417 S Moss Rose, PUNTA GORDA FL 33955

3Bedroom(s)
2Bathroom(s)
50Picture(s)
2,086
NEW METAL ROOF (2021) and an Extra Deep Garage for the perfect Man or Woman Cave. Relax poolside in this quality built 3 bedroom, plus den, 2 bath, Pool home with over $90,000 in custom upgrades! This Burnt Store Meadows beauty is located on a cul-de-sac and offers tray ceilings that soar up to 14 feet, with an open floor plan.
$524,900

2200 Gordon DR, NAPLES FL 34102

6Bedroom(s)
16Bathroom(s)
16Picture(s)
8,846
New to the market is this stunning beachfront masterpiece! This is the interior parcel of one of the largest beachfront legacy properties on the market in Southwest Florida. Combined, all three properties span over 15 acres with 812 linear feet of beach frontage.
$175,000,000

2340 Gordon DR, NAPLES FL 34102

5Bedroom(s)
4Bathroom(s)
13Picture(s)
6,000
Introducing one of three of the pre eminent beachfront opportunities in Naples! This is the Southernmost parcel of one of the largest and deepest oceanfront legacy properties on the market in Southwest Florida on the prestigious Gordon Drive. The home sustained no water damage during hurricane Ian and is move in ready.
$60,000,000

235 Barefoot Beach BLVD, BONITA SPRINGS FL 34134

4Bedroom(s)
5Bathroom(s)
36Picture(s)
4,532
This 3 story Barefoot Beach home was constructed across two large Barefoot Beach lots and offers a wide horizontal main floor living with one level with 2 guest suites and private living level upstairs. Features include large 2 story great room overlooking the 2.
$9,950,000

3800 Crayton RD, NAPLES FL 34103

4Bedroom(s)
6Bathroom(s)
28Picture(s)
5,745
OVER $1M IMMEDIATE EQUITY. MUST SEE! This spectacular 5745 sq. ft. single family home with roof top deck is a must see! Located in the desirable Park Shore area, this home features 4 bedrooms, 6 bathrooms with an office/den and is perfect for entertaining. The 1st floor has an open living design with beautiful kitchen and living room areas and an en suite guest bedroom.
$6,750,000

1660 Dolphin CT, NAPLES FL 34102

4Bedroom(s)
7Bathroom(s)
38Picture(s)
4,826
Picturesque best describes this stunning waterfront home with nearly 125 feet of water frontage to watch the breathtaking sunsets over Naples Bay.
$12,995,000

834 105th Ave N, Naples Fl 34108

3Bedroom(s)
3Bathroom(s)
35Picture(s)
1,750
Best Location! Just half a mile to the beach! Gorgeous custom built home in 2003! Two story contemporary design! This is the home for you! You’ll be amazed by the beautiful details of this stunning 3 br+ Den, 3 full baths, oversized 2 car garage with extra door opening toward backyard, 2625 sq ft home, in the highly desirable Naples Park! New roof install in March 2022.
$1,600,000

415 10th AVE S # 7, NAPLES FL 34102

2Bedroom(s)
2Bathroom(s)
20Picture(s)
1,372
Exceptional Opportunity in the Heart of Old Naples. For those with a vision, this charming unit holds significant upside potential. With tasteful modifications and modern updates, unlock the full equity of this exceptional property while enhancing its charm and functionality.
$1,199,000

2416 NW 15th PL, CAPE CORAL FL 33993

4Bedroom(s)
2Bathroom(s)
20Picture(s)
1,716
This gorgeous 4 bedroom home features 3-car garage, 2 bathrooms, wide back porch with western exposure. 1 street East off the northern end of Chiquita Blvd. Easy access to Chiquita Blvd, Kismet Pkwy, Burnt Store Rd.. This house is currently rented until the end of 2024 (or longer). Buyer to honor current lease.
$410,000

321 Imperial Wildern BLVD # 321, NAPLES FL 34114

1Bedroom(s)
1Bathroom(s)
50Picture(s)
675
Thank you for viewing 321 Imperial Wilderness Blvd. in Imperial Wilderness, a fun and active 55+ community! This very well-maintained home was not affected by hurricanes Helene or Milton (nor was IWCA, in general). Water views occur on both the front and rear of the home. Plus, the clubhouse is diagonally across the street.
$140,000

1925 Metropolitan BLVD # 1406, NAPLES FL 34112

3Bedroom(s)
4Bathroom(s)
15Picture(s)
2,747
PRE-CONSTRUCTION. AURA, a Luxurious boutique condominium building with only 56 residences located in the heart of Naples, is walking distance to 5th Avenue shops and restaurants, Bayfront, Naples Bay Resort and minutes from the beach. Enjoy sunsets from the 15th floor infinity edge pool and fitness center overlooking Naples Bay, Downtown and the Gulf of Mexico.
$4,500,000

1925 Metropolitan BLVD # 1401, NAPLES FL 34112

2Bedroom(s)
3Bathroom(s)
15Picture(s)
2,012
PRE-CONSTRUCTION. AURA, a Luxurious boutique condominium building with only 56 residences located in the heart of Naples, is walking distance to 5th Avenue shops and restaurants, Bayfront, Naples Bay Resort and minutes from the beach. Enjoy sunsets from the 15th floor infinity edge pool and fitness center overlooking Naples Bay, Downtown and the Gulf of Mexico.
$2,900,000

230 Randy LN, FORT MYERS BEACH FL 33931

2Bedroom(s)
2Bathroom(s)
21Picture(s)
1,815
Location is key in this 2 bedroom (possible 3/3) 2 bath home located in the most desirable community on Fort Myers Beach with one of the highest elevations on the Island. Boaters will love this mid-island location with wide deep canal ( notice neighbor's big boat) and Quick access to both the intracoastal and the Gulf of Mexico.
$1,250,000

8054 Sunrise Cir, Labelle Fl 33935

4Bedroom(s)
2Bathroom(s)
19Picture(s)
1,662
Welcome to this exquisite new construction home, where modern design meets ultimate comfort! Boasting 4 spacious bedrooms and 2 luxurious bathrooms, this home is a perfect blend of style and functionality. Step inside through the impressive double glass doors and be greeted by elegant tray ceilings and impact-resistant doors and windows that ensure both beauty and safety.
$344,900
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