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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2830 25th LN, Cape Coral, FL 33993
CAPE CORAL

3Bedroom(s)
2Bathroom(s)
14Picture(s)
1,461
Visits:0
This stunning Caladesi plan is complete and ready for move in fitted with high-value features like a paver driveway, hurricane impact windows and doors. The elongated, granite countertops complement the corner kitchen, which is surrounded by energy-efficient appliances.
$348,900

1509 Junior CT, Lehigh Acres, FL 33971
VARSITY LAKES

4Bedroom(s)
3Bathroom(s)
42Picture(s)
2,524
Visits:0
WELL MAINTAINED 2 story home in gated Varsity Lakes community . 4 bedrooms, 2 1/2 baths 2 car garage and a fenced in back yard with a deck for outdoor entertaining. The large open kitchen has quartz countertops, marble backsplash, stainless steel kitchen appliances with a built in oven and flat top stove and raised panel cabinets. The AC unit was replaced 2023 and the roof was replaced in 2022.
$464,900

208 6th ST, Cape Coral, FL 33993
CAPE CORAL

4Bedroom(s)
3Bathroom(s)
32Picture(s)
1,850
Visits:0
New Home FRESHWATER CANAL, $ 30,000 IN UPGRADES, SELLER CONCESSIONS, make offers or will rent it soon!! NEVER LIVED IN!! New 4 BRM ensuite Pool Home, Fresh Water Canal 350 dom was pre construction time, with C/O South Facing, City Water & Sewer, 4-bedroom Pool Home with extended lanai, Pool bath, 3 full baths, ensuite bedroom, Vaulted ceilings, Quartz Countertops, March 2024 completion date, Conte
$509,900

4101 Gulf Shore BLVD, Naples, FL 34103
PARK SHORE

5Bedroom(s)
8Bathroom(s)
50Picture(s)
12,135
Visits:0
Since its inception, The Regent has epitomized the pinnacle of luxury and exclusivity at Naples’ most prestigious beachfront address. Beyond two private gates, this unparalleled enclave offers a lifestyle that stands unrivaled in Southwest Florida—rightfully earning its title as "The Crown Jewel of Naples" beachfront living.
$29,500,000

4321 27th CT, Naples, FL 34116
GOLDEN GATE

2Bedroom(s)
2Bathroom(s)
26Picture(s)
735
Visits:0
Welcome to this beautifully updated 2-bedroom, 2-bathroom first-floor end unit located in The Fairways at Par 2, a sought-after 55+ community surrounded by the upcoming, state-of-the-art “The Gate Golf Club” redevelopment. This unit features all-new tile flooring, ceiling fans, and paint throughout.
$165,000

10060 Lake Cove DR, Fort Myers, FL 33908
FISHERMAN'S COVE

3Bedroom(s)
2Bathroom(s)
26Picture(s)
1,369
Visits:0
Come check out this beautiful renovated Southwest Florida Condo! This unit includes a beautiful upgraded kitchen and guest bath with designer cabinets, quartz countertops, and hardware. Master bath has large teak vanity and full glass walk in shower. Semi-private elevator directly enters unit. New cortex luxury vinyl flooring throughout. A/C unit new in 2020. New tile roof being installed.
$314,900

4824 Anchorage AVE, Fort Myers, FL 33919
HIDDEN HARBOUR ONE CONDO

1Bedroom(s)
2Bathroom(s)
34Picture(s)
788
Visits:0
Boaters delight! Check out this very active 55+ community right in the middle of it all! Hidden Harbour offers residents a marina with available boat lease, clubhouse, game room, library, tool shed, tiki bar, game room and MUCH more. Conveniently located to shopping, dining, churches, restaurants, downtown Cape Coral and the beaches. This beautiful 1 bed/1 bath condo has been completely renovated.
$139,900

3425 14th PL, Cape Coral, FL 33909
CAPE CORAL

3Bedroom(s)
2Bathroom(s)
4Picture(s)
1,534
Visits:0
Welcome to your dream oasis in the heart of the up-and-coming NE Cape Coral! This exquisite 3 bedroom, 2 bathroom home offers a perfect blend of modern luxury and serene waterfront living. Nestled along a freshwater canal, this residence offers beautiful canal views, giving the perfect opportunity to relax and unwind in your private backyard paradise.
$415,000

4324 14th AVE, Cape Coral, FL 33909
CAPE CORAL

3Bedroom(s)
2Bathroom(s)
5Picture(s)
1,534
Visits:0
Welcome to your dream oasis in the heart of the up-and-coming NE Cape Coral! This exquisite 3 bedroom, 2 bathroom home offers a perfect blend of modern luxury and serene waterfront living.
$425,000

272 Pelton CIR, Port Charlotte, FL 33954
PORT CHARLOTTE

4Bedroom(s)
3Bathroom(s)
37Picture(s)
1,588
Visits:0
Wonderful 4 bedrom home in Port Charlotte. Recently built in 2020 with stainless steel kitchen equipment.
$359,000

2275 Woodland Grade RD, Naples, FL 34117
GOLDEN GATE ESTATES

2Bedroom(s)
2Bathroom(s)
47Picture(s)
1,280
Visits:0
AMAZING OPPORTUNITY, PRICED TO SELL!!! Private and OFF THE GRID 5-acre Vacation Farm close to Naples and Ave Maria. The house is poured concrete with reinforced rebar slab, 2 bedrooms, 2 bathrooms, front porch, with a fireplace. The home is entirely solar-powered with new 10-year batteries - so NO Electric bills! also Propane gas, wells, and septic tanks.
$555,000

8752 Javiera WAY, Fort Myers, FL 33912
PASEO

2Bedroom(s)
3Bathroom(s)
46Picture(s)
1,361
Visits:0
STUNNING! "TURN-KEY" FURNISHED & VERY AFFORDABLE LUXURY COUNTRY CLUB LIVING in PASEO! This seldom used townhouse has modern COASTAL DECOR, on one of 5 highly desirable QUADS, with semi private pool & a park/grilling area right outside your back door! Featuring lots of upgrades: "CHEFS" KITCHEN WITH MAPLE WOOD CABINETS, ALL STEEL APPLIANCES, GRANITE TOPS, EAT-AT-BAR & WALK-IN PANTRY.
$295,900

1337 Bradford RD, Fort Myers, FL 33901
FORT MYERS

5Bedroom(s)
6Bathroom(s)
46Picture(s)
3,555
Visits:0
This beautiful Compound property sits on a double lot and has amenities you can only dream of. The main house offers 4 bedrooms, 3.5 bathrooms, dining room, great reception room and its own private bar. From the bar, you enter the pool and spa area outside which will lead to the pool home/mother inlaw suite on the other side of the pool.
$1,500,000

326 Dover PL, Naples, FL 34104
BRIARWOOD

2Bedroom(s)
2Bathroom(s)
20Picture(s)
1,635
Visits:0
**Lowest Price per Square Foot in Briarwood and the only 2nd Floor Unit available** Huge Price Improvement!!! Make this Your Naples Get Away or Your Naples Home! This 2nd floor unit has 2 bedrooms, plus a Den! 2 Full Baths and over 1,600 Square Feet of living Space! Vaulted ceilings in the living and Main Bedroom Areas! Beautiful Imported Porcelain tile THROUGHOUT, including the Balcony! Newer A/
$360,000

211 Kingfisher DR, Captiva, FL 33924
PUNTA ROBALO UNRECORDED SUBDIVISION

5Bedroom(s)
5Bathroom(s)
50Picture(s)
3,938
Visits:0
Exclusive island estate with spectacular views of Pine Island Sound and the Gulf of Mexico. This 5 bedroom, 5 bath home is situated on 1.16 acres of beautifully landscaped, irrigated property with 300' of white sandy beach. The waterfront includes new Trex dock with 2 boatlifts, one at 20,000 lbs. New copper roof installed in 2020.
$5,900,000

18341 Pine Nut CT, Lehigh Acres, FL 33972
TOWN LAKES

2Bedroom(s)
2Bathroom(s)
23Picture(s)
1,919
Visits:0
Put your personal touch on this home that shows true pride of ownership!! The gated community of Town Lakes Welcomes you! The interior of this lovingly maintained home is full of natural light and boasts an open-concept floor plan. With over 1900 square feet of living space, both bedrooms are spacious and accommodating.
$310,000

28944 Gin LN, Punta Gorda, FL 33982
NOT APPLICABLE

4Bedroom(s)
3Bathroom(s)
48Picture(s)
2,586
Visits:0
**PRICE IMPROVEMENT**One or more photo(s) has been virtually staged. Welcome to The Estates on Peace River, a beautiful waterfront gated community in Punta Gorda, Florida. This new custom executive home is on 1.3 acres of land and has four bedrooms, three full baths, an office, and a 3-car garage.
$1,050,000

2033 Treasure LN, Punta Gorda, FL 33982
PUNTA GORDA

4Bedroom(s)
3Bathroom(s)
50Picture(s)
2,790
Visits:0
**PRICE IMPROVEMENT**Welcome to Punta Gorda Florida and the Estates on Peace River gated community! This property is located on a .96-acre riverfront parcel and features over 2780 SF of air-conditioned living space. There are 4 bedrooms, an office/den, 3 full baths and a coveted three-car attached garage.
$1,590,000
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