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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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

380 Seaview CT # 1108, MARCO ISLAND FL 34145

2Bedroom(s)
2Bathroom(s)
19Picture(s)
1,154
Paradise awaits!! Imagine, waking up each morning to beach and gulf views as far as you can see from your expansive private balcony and then enjoying amazing sunset views in the evening. This 11th floor 2 bedroom, 2 bath condo overlooking the pool has new Impact Sliders and Picturesque gulf views from both bedrooms and the living room which have been newly professionally decorated.
$849,000

1975 Everglades Blvd S, Naples Fl 34117

3Bedroom(s)
2Bathroom(s)
14Picture(s)
1,008
The existing home is in need of Rehab, located on more than 2.5 acres in Naples, Golden Gate Estates.
$275,000

800 Nw 36th Ave, Cape Coral Fl 33993

5Bedroom(s)
5Bathroom(s)
50Picture(s)
3,692
Newly renovated due to age NOT flooding and ready for new owners, this large NW Cape Coral estate is move-in ready, with high-quality touches throughout. It features a new metal roof, AC units, flooring, and paint, along with new GE Profile appliances. The home has been freshly painted inside and out and includes new tongue-and-groove detailing in the lanai.
$1,450,000

217 13th ST S, NAPLES FL 34102

4Bedroom(s)
5Bathroom(s)
1Picture(s)
4,878
Introducing “The Everglades” at Mangrove Bay.Nestled along a pristine cove with canal views.Masterfully designed great room plan, private pool w/spa and custom wetwall feature & private BOAT DOCK. Luxury FURNITURE & finish package by Collins & Dupont included.
$8,150,000

5803 Overseas WAY, CAPE CORAL FL 33914

3Bedroom(s)
3Bathroom(s)
6Picture(s)
1,745
Located within the beautiful META portion of Cape Harbour in SW Cape Coral, the Marina Villas community consists of 3 phases of development on 17 acres. The pre-construction project includes 2 and 3 story townhouses, elevator ready and one story attached villas. Condo sizes range from 1,745 sf under air to just under 2,700 sf for the single story villas. All units come with garages.
$480,900

61 14TH ST S, NAPLES FL 34102

4Bedroom(s)
5Bathroom(s)
6Picture(s)
4,056
Stunning new construction with completion in December 2024. Fully furnished home in Mangrove Bay. Spacious 4,056 square feet under air with 4-bedrooms, 4-1/2 baths, a private entry guest cottage, an expansive 2nd floor family room with an exterior viewing patio deck. PRIVATE COVERED BOAT SLIP INCLUDED. Wood flooring throughout with Ruffino custom cabinetry.
$6,900,000

2400 Oil Well RD, NAPLES FL 34120

4Bedroom(s)
3Bathroom(s)
35Picture(s)
3,195
18.44 acre parcel available within 55-acres available! Great for a development project - so many possiblities to build on this 55 acre property! The land is currently zoned residential. This unique property includes 18 completely cleared acres, a large home, oversized workshop, horse barn, pastures, a fully stocked pond and more.
$5,000,000

13450 Causeway Palms Cv Lot 6, Fort Myers Fl 33908

2Bedroom(s)
2Bathroom(s)
27Picture(s)
1,549
ALMOST COMPLETED!!THE PICTURES ARE FROM THE PREVIOUS MODEL. ALL COUNTERTOPS AND BATHROOM VANITIES ARE IN SPARKLING WHITE QUARTZ.ALL TILE FLOORS THROUGHOUT.Packed with upgrades never offered in any other villa here!There are 2 additional windows,upgraded front door w/mini blinds,2 add. pocket doors.solar tub lighting.
$439,000

2168 Channel WAY, NORTH FORT MYERS FL 33917

3Bedroom(s)
2Bathroom(s)
5Picture(s)
2,114
Location, location, location! Not your typical canal location. Look at the aerial photos & notice this waterway is actually a channel and is TWICE as wide as any canal in the neighborhood! Deep water can accommodate yacht, up to a large sailboat. Renovate this home with over 2100 square foot of living space and create your uniquely styled home on a unique piece of land.
$750,000

13440 Causeway Palms Cv Lot 5, Fort Myers Fl 33908

3Bedroom(s)
2Bathroom(s)
27Picture(s)
1,549
ALMOST COMPLETED!!THE PICTURES ARE FROM THE PREVIOUS MODEL. ALL COUNTERTOPS AND BATHROOM VANITIES ARE IN SPARKLING WHITE QUARTZ.ALL TILE FLOORS THROUGHOUT.Welcome to The Villas at Causeway Key...PROVIDING ISLAND LIVING AT OFF ISLAND PRICES!Minutes to Fort Myers and Sanibel beaches!This boutique style community is offers ONLY 26 HOMES!This sought after paradise is situated off of Davis Road.
$439,000

3601 SW Santa Barbara PL, CAPE CORAL FL 33914

3Bedroom(s)
3Bathroom(s)
11Picture(s)
1,468
One Units available. Must see new construction town home villas located in the heart of cape coral close to shopping and restaurants.
$299,900
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