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

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9904 PERIWINKLE PRESERVE LN, Fort Myers, FL 33919
TORTUGA

2Bedroom(s)
2Bathroom(s)
45Picture(s)
1,539
Visits:0
Snowbird's Dream Home – Gated Community Gem near some of Florida’s Famous Beaches! Escape to your perfect winter retreat in this 2 bedroom, 2 bath, 2 car garage home nestled in an exclusive gated community just 7 to 15 miles from some of Florida’s most famous beaches.
$394,500

8930 Colonnades CT, Bonita Springs, FL 34135
SAN MIRAGE

2Bedroom(s)
2Bathroom(s)
36Picture(s)
1,013
Visits:0
Experience the best of Florida living with this First-Floor condo with a landscaped view in the Bonita Springs community of San Mirage. Located just minutes from multiple Bonita beaches and offering easy access to US41, this condo offers convenience for a relaxed lifestyle.
$269,000

11088 Addison Lake CIR, Fort Myers, FL 33966
ADDISON SQUARE

4Bedroom(s)
2Bathroom(s)
36Picture(s)
1,850
Visits:0
**Exclusive Financing Options Now Available!** Discover refined living in our stunning new construction at Addison Square. This exceptional residence offers a blend of modern sophistication and comfort, meticulously crafted to cater to both everyday living and elegant entertaining.
$584,900

309 15th ST, Cape Coral, FL 33990
CAPE CORAL

3Bedroom(s)
2Bathroom(s)
28Picture(s)
1,205
Visits:0
NO HURRICANE DAMAGE, NO FLOOD INSURANCE REQUIRED! Discover this COMPLETELY REMODELED 3-BEDROOM, 2-BATHROOM POOL HOME in the heart of SE Cape Coral, blending charm with modern luxury. Every inch of this home has been thoughtfully updated, featuring NEW VINYL PLANK FLOORING, QUARTZ COUNTERTOPS WITH MATCHING BACKSPLASH, and BRAND-NEW STAINLESS STEEL APPLIANCES.
$379,000

12474 Poem AVE, Punta Gorda, FL 33955
TROPICAL GULF ACRES

4Bedroom(s)
2Bathroom(s)
18Picture(s)
1,600
Visits:0
This adorable Tropical Gulf Acres property is looking for a new owner!!!! Home being remodeled and conveniently located off US 41, close to I75 and downtown Punta Gorda. You'll enjoy the serenity of a quiet neighborhood while still being close to local amenities. New roof this year, new paint in and out and lots of other new items. Bathrooms and kitchen already remodeled.
$225,000

6802 Griffin BLVD, Fort Myers, FL 33908
PALMETTO POINT

4Bedroom(s)
6Bathroom(s)
18Picture(s)
3,470
Visits:0
Construction is underway at Edge Water Development Group's newest TURNKEY luxury waterfront residence located on a direct gulf access canal within prestigious Palmetto Point adjacent to Gulf Harbour Yacht and Country Club. Edge Water fulfills certain visually important key trades in-house enabling them to provide attention to detail, quality, and craftsmanship unsurpassed in the marketplace.
$4,250,000

9005 Colby DR, Fort Myers, FL 33919
COLLEGE POINTE

2Bedroom(s)
2Bathroom(s)
20Picture(s)
1,025
Visits:0
Come See!! This is a 2-bedroom, 2-bathroom FIRST floor condo in the beautiful, gated community of Enclave at College Pointe. The location boasts walking distance to Publix's, many dining experiences, drug store, gas station, and easy access to beaches and airport. This unit features an open concept living, dining and kitchen area. Ceilings are high to complete the open and airy atmosphere.
$195,000

14111 Arivaca CT, Estero, FL 33928
CORKSCREW ESTATES

5Bedroom(s)
5Bathroom(s)
34Picture(s)
4,389
Visits:0
SELLER IS VERY MOTIVATED AND MAY BE WILLING TO HOLD A LARGE FIRST MORTGAGE AT A BELOW MARKET RATE. Welcome to your dream home in Corkscrew Estates! This stunning single family home boasts 5 spacious bedrooms, 4.5 luxurious bathrooms, and a 3 car garage for all your vehicles and storage needs.
$1,975,000

1401 Middle Gulf DR, Sanibel, FL 33957
SUNDIAL OF SANIBEL

2Bedroom(s)
2Bathroom(s)
39Picture(s)
1,451
Visits:0
Welcome to your dream beachfront condo on Sanibel Island! Just a short distance from Fort Myers, this tropical island paradise is perfect for your second home. Spend your mornings collecting seashells on the world-famous white-sand beaches, then immerse yourself in the island’s stunning natural beauty in the afternoon.
$1,100,000

1501 Palm Woode DR, Fort Myers, FL 33919
MYERLEE PARK HOMES CONDO

2Bedroom(s)
2Bathroom(s)
44Picture(s)
1,605
Visits:0
Experience the quintessential Florida lifestyle in this generously sized villa situated in the heart of Fort Myers, with easy access to the beaches of Southwest Florida. Conveniently located off Winkler Road, you'll be near shopping, theaters, dining, and just a short drive from the airport and the spring training facilities for the Boston Red Sox and Minnesota Twins.
$255,000

1712 Park Meadows DR, Fort Myers, FL 33907
PARKWOODS TOWNHOUSE COMMUNITY

2Bedroom(s)
2Bathroom(s)
44Picture(s)
1,260
Visits:0
Annual renter currently in place until November 2025. This beautifully renovated 2-bedroom, 2-bath townhome is located in the Parkwoods Townhome Community in south Fort Myers, offering easy access to Summerlin Rd, US 41, and College Pkwy. No rental restrictions and pets allowed. Inside, the kitchen boasts updated appliances, a stylish glass backsplash, granite countertops, and white cabinets.
$220,000

3347 Dandolo CIR, Cape Coral, FL 33909
BELLA VIDA

3Bedroom(s)
3Bathroom(s)
41Picture(s)
1,744
Visits:0
** No Flood Zone! Stunning Bella Vida Townhome – Must See! ** **Seller Offering $2,500 Flexible Closing Credit – Use It However You Like! ** Welcome to this meticulously maintained 3-bedroom, 2.
$290,500

4021 Gulf Shore BLVD, Naples, FL 34103
PARK SHORE

3Bedroom(s)
4Bathroom(s)
43Picture(s)
3,278
Visits:0
C14834 Spectacular beachfront unit with stunning Gulf views in highly desirable Brittany at Park Shore. Nestled in one of Naples’ premier locations, this 4th floor condo offers coveted Western exposure for breathtaking sunsets over the Gulf of Mexico.
$3,745,000

253 Barefoot Beach BLVD, Bonita Springs, FL 34134
BAREFOOT BEACH

2Bedroom(s)
2Bathroom(s)
50Picture(s)
1,604
Visits:0
Beautifully renovated direct beachfront condo with breathtaking Gulf views in North Naples’ coveted Barefoot Beach Club. Enjoy endless Western beach views allowing for breathtaking sunsets on your Gulf-front lanai. This coastal retreat is finely appointed with 2 beds/2 baths, an open floor plan, NEW AC (warranty transferable), driftwood tile flooring & electric storm shutters.
$1,599,000

393 Prather DR, Fort Myers, FL 33919
MCGREGOR ISLES

4Bedroom(s)
3Bathroom(s)
23Picture(s)
1,839
Visits:0
Don't miss out on this stunning 4-bedroom, 3-bathroom home with a screened heated pool and covered lanai – now offered at an unbeatable $720,000! Located in the highly sought-after McGregor Isles Community, this is your chance to own in a prime boating location. Kitchen with stainless steel hi-end appliances that also has view access to the Lania/pool area.
$720,000

14527 Stillwater WAY, Naples, FL 34114
NAPLES RESERVE

3Bedroom(s)
2Bathroom(s)
21Picture(s)
1,830
Visits:0
This professionally designed and decorated pool home has an open concept feel. It sits on a very rare, very private lot overlooking a one-mile body of water across from the state forest! Boat docks are allowed. Enjoy direct access to over 200 acres of boatable/fishable water within Naples Reserve. The home has over $80,000 of built in extras that have been added for greater comfort and utility.
$895,900

2011 Gulf Shore BLVD, Naples, FL 34102
MOORINGS

2Bedroom(s)
2Bathroom(s)
15Picture(s)
1,048
Visits:0
AMAZING VIEW of Naples pristine beach with white sand from this 4th floor condo in the Carriage Club! Two bedroom, 2 full bath condo located in the prestigious Moorings. Newly renovated pool and a courtyard with steps leading right onto the beach.
$975,000

5416 Belrose ST, Lehigh Acres, FL 33971
LEHIGH ACRES

3Bedroom(s)
2Bathroom(s)
25Picture(s)
1,545
Visits:0
PRICE TO SELL !!!!!! LOCATION LOCATION LOCATION One of a kind. Brand new home with many upgrades.
$349,900
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