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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3304 Kismet Pky W, Cape Coral Fl 33993

4Bedroom(s)
3Bathroom(s)
10Picture(s)
2,207
Enjoy breathtaking intersection views from this stunning Gulf access home with a southern exposure. This spacious 2208 sqft. home boasts four bedrooms and three bathrooms, a large deck with a pool (complete with an automation system and salt system) with spa, and a beach deck perfect for enjoying the beautiful South West Florida evenings.
$999,000

227 Morrow ST, PORT CHARLOTTE FL 33954

3Bedroom(s)
2Bathroom(s)
24Picture(s)
1,600
Brand new construction, the Aruba model, 3 BR, 2 Bths, Den, 2 car garage, 1,600 SF under air, LANAI under roof.
$389,900

713 Sw 13th St, Cape Coral Fl 33991

4Bedroom(s)
3Bathroom(s)
32Picture(s)
2,144
Just Completed!! This spectacular POOL HOME located in the desirable area of SW Cape Coral on a beautiful freshwater canal! Fabulous boating on surrounding lakes! BMX park/schools close by! BRAND NEW SEAWALL! This 4 BR, 3 bath home has all the bells & whistles! 3 CAR GARAGE! The open concept offers 2144 sq.
$759,000

2624 SW 4th AVE, CAPE CORAL FL 33914

3Bedroom(s)
2Bathroom(s)
34Picture(s)
1,993
This is a completely upgraded house. Designer kitchen with granite counter tops, kitchen island, impact windows, new roof in 2021 with a 30 year warranty, a/c solar operated with a 30 year warranty, 120 gallon water heater solar operated, skylight in the kitchen for extra brilliant lighting, salt water pool, fully fenced in with a doggy door for your pooch.
$729,000

1944 Four Mile Cove PKY, CAPE CORAL FL 33990

5Bedroom(s)
5Bathroom(s)
29Picture(s)
4,832
NO FLOODING from Ian, Helene, or Milton + BRAND NEW STANDING SEAM METAL ROOF (FALL 2024) + BEST PRICED 4,800 sq ft PROPERTY in all of SE Cape Coral w/ GULF ACCESS + AMAZING VIEWS/LAKEFRONT + RENOVATED. Take a look at this beautiful home, very centrally located in SE Cape Coral. Southern exposure, pool w/ spill-over hot tub, electric heat.
$1,845,000

1502 SW 28th ST, CAPE CORAL FL 33914

3Bedroom(s)
2Bathroom(s)
32Picture(s)
2,124
Check out this brand new custom canal home with heated pool plus spa and southern exposure! This contemporary home features 12' ceilings, 3 bedrooms, 2 bathrooms, a den/office, and 3 car garage. Huge amounts of custom upgrades like the 72" fireplace make this house stand out from the rest! Beautiful tile is featured throughout the home under its high ceilings.
$969,000

499 Forest Lakes Blvd # 309, Naples Fl 34105

2Bedroom(s)
2Bathroom(s)
29Picture(s)
1,100
Welcome to this tropical oasis and start enjoying Florida paradise lifestyle.Beautiful bright 2 bedroom 2 bathroom top floor condo in this Forest Lakes elevator building !Open floor plan with large living room is featuring master suite with private bath / walk-in shower, guest bedroom with separate bath & private laundry.
$295,000

2131 Marina DR, NAPLES FL 34102

6Bedroom(s)
8Bathroom(s)
48Picture(s)
6,349
New Aqualane Shores estate situated along one of Naples' most private streets in the heart of downtown. The 6-bedroom, 8-bath, Caribbean-inspired design features 2 swimming pools, interior 2nd floor sleeping porch, oversized balconies, decks and private cabana suite. Entertaining at home is effortless in the combined great room, dining area and kitchen.
$13,900,000

970 Cape Marco DR # 2506, MARCO ISLAND FL 34145

6Bedroom(s)
8Bathroom(s)
45Picture(s)
13,528
The Epitome of Luxury Living with 360-degree views of Marco Island and the Gulf of Mexico! Jaw dropping views from every room.
$10,500,000

690 Harbour Dr, Naples Fl 34103

4Bedroom(s)
6Bathroom(s)
39Picture(s)
3,943
This home is built one foot over the NEW 2024 FEMA base flood elevation, which may contribute to better long-term property value stability, and is located in the X zone. Welcome to a new and refreshing URBAN OASIS design in The Moorings just minutes to the beach and downtown Olde Naples.
$6,375,000

1925 Metropolitan BLVD # 701, NAPLES FL 34112

2Bedroom(s)
3Bathroom(s)
14Picture(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.
$2,100,000

1000 Cayo Costa, Cayo Costa FL 33924

3Bedroom(s)
3Bathroom(s)
47Picture(s)
3,014
The epitome of off-grid island living on 1.8 acres within the 2,500 acre Cayo Costa State Park. You are surrounded by the gorgeous blue Gulf of Mexico, back Bay waters, and white powdery sand that melts your cares away. While aboard your boat your minutes to the famous Cabbage Key restaurant, Pink Elephant on Bocca Grande, Mucky Duck on Captiva, or private dining on Useppa Island.
$2,975,000

788 Park Shore DR # D29, NAPLES FL 34103

2Bedroom(s)
2Bathroom(s)
37Picture(s)
1,015
Tastefully updated and meticulously maintained. The updated kitchen with granite counters and newer appliances has all you need. Neutral tile floors throughout. South facing lanai gets plenty of sunshine with views of mature trees from the second story. The living room boasts a courtyard view to the north.
$415,000

1925 Metropolitan BLVD # 1105, NAPLES FL 34112

3Bedroom(s)
4Bathroom(s)
16Picture(s)
2,749
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.
$4,000,000

26360 Coco Cay Cir # 102, Bonita Springs Fl 34135

2Bedroom(s)
3Bathroom(s)
47Picture(s)
1,332
VILLA MAR BONITA BEACH is a Brand-New Carriage Home Community 1 mile north of Bonita Beach Road, right off US-41 and only 4 miles to Barefoot Beach. This gorgeous 1st-floor floorplan features 2 bedrooms + Den and 2.5 bathrooms with over 1,332 sq. ft. of interior living space, plus open-concept living where the living, dining, and kitchen area with breakfast bar flow seamlessly together.
$449,990

26370 Coco Cay Cir # 201, Bonita Springs Fl 34135

3Bedroom(s)
4Bathroom(s)
47Picture(s)
1,840
VILLA MAR BONITA BEACH is a Brand-New Carriage Home Community 1 mile north of Bonita Beach Road, right off US-41 and only 4 miles to Barefoot Beach. THE ISLA (D) - This gorgeous 2nd-floor floorplan features a private elevator, 3 large bedrooms and 3.5 bathrooms with over 1,840 sq. ft.
$579,990

621 SW 3rd CT # 104, CAPE CORAL FL 33991

2Bedroom(s)
2Bathroom(s)
33Picture(s)
1,154
What a view! New Price Improvement here for serious Buyers! This recently remodeled LAKEFRONT condo comes fully furnished and has a distinct penthouse feel to it! This private end unit overlooks gorgeous Lake Kennedy with its amazing Big Water Views that you will enjoy all day long! The large, pristine pool is just steps away from your back porch for added convenience! Updates include new paint
$269,500

1913 NW 20th ST, CAPE CORAL FL 33993

4Bedroom(s)
2Bathroom(s)
4Picture(s)
1,914
Brand New Construction 4/2/2 - This gorgeous home offers an open floorpan, making the most of the generous 2,911 total sqft ! There are 4 bedrooms, 2 full bathrooms and an additional room that can be used as a dining room, den or even a 5th bedroom! The open lanai is perfect for entertaining or just relaxing! So much possibility! The kitchen overlooks the living space with lots of storage options,
$410,000
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