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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4625 Berkshire RD, St. James City, FL 33956, GULF SHORES ESTATES

3Bedroom(s)
2Bathroom(s)
26Picture(s)
1,722
Visits:0
HIGH AND DRY, THIS HOME HAD NO FLOODING FROM RECENT STORMS. If you like room to stretch out with a lot of privacy, this place is for you. It sits on over two acres that are beautifully landscaped with many trees and a gorgeous pond.
$550,000

1530 Hermitage LN, Cape Coral, FL 33914, HERMITAGE

3Bedroom(s)
3Bathroom(s)
45Picture(s)
2,858
Visits:0
FOR THOSE LOOKING FOR THE MOST PREMIUM BOATING ACCESS IN SW FLORIDA, YOUR DESTINATION HAS ARRIVED! Located inside the gates of the prestigious Hermitage community, this property is truly a Boater’s Dream.
$2,995,000

2718 Aviamar CIR, Naples, FL 34114, FIDDLER'S CREEK

3Bedroom(s)
3Bathroom(s)
35Picture(s)
2,089
Visits:0
Motivated seller, desiring a quick closing. Dratiscally reduced price! Stunningly beautiful three bedroom, three bath plus den residence. Thoughtfully designed and tastefully decorated. Located in Fiddler's Creek which is an award winning community with five star amenities. Ten foot ceilings and eight foot doors. The home has high quality finishes throughout.
$979,000

2374 Orchard ST, Naples, FL 34120, ORANGE BLOSSOM RANCH

3Bedroom(s)
3Bathroom(s)
50Picture(s)
2,444
Visits:0
Price improved, get this one before it's gone!! This stunning Summerville II model Lennar home is located in the desirable Orange Blossom Ranch community! Built in 2020, this 3 bedroom plus den, 3 bathroom home features a spacious open concept floor plan. The gourmet kitchen boasts stainless steel appliances, granite countertops, and a large island perfect for entertaining.
$619,000

4013 Palm Tree BLVD, Cape Coral, FL 33904, BANYAN TRACE

2Bedroom(s)
2Bathroom(s)
27Picture(s)
1,198
Visits:0
Take a look at this move-in ready two-unit condo with a bonus den in the gated community of Banyan Trace. It's centrally located near all the shopping, restaurants, and nightlife that Cape Coral has to offer. Inside, you'll find a desirable split floor plan, a spacious open kitchen with a two-tiered breakfast bar, and custom plantation shutters.
$270,000

1315 Sandpiper ST, Naples, FL 34102, BAY PARK

2Bedroom(s)
2Bathroom(s)
5Picture(s)
972
Visits:0
Large, beautiful 1/4 acre lot with a canal view fron the front yard. The house has a non conforming guest house. The house and guest house have been gutted as a result of Ian storm damage. The house can be remodeled or torn down. Royal Harbor is a lovely neighborhood composed of homes and condos on wide canals that feed into the Gordon River and the Gulf of Mexico.
$1,800,000

4751 Gulf Shore BLVD, Naples, FL 34103, PARK SHORE

3Bedroom(s)
2Bathroom(s)
16Picture(s)
1,980
Visits:0
We are thrilled to present this exceptional three-bedroom residence in the coveted 08 stack at The Terraces at Park Shore, a rare find in one of the most esteemed beachfront buildings, complete with resort-style amenities. This updated apartment boasts floor-to-ceiling windows and features fresh paint, new carpeting, and modern light fixtures.
$2,195,000

1100 9th ST, Naples, FL 34102, OLDE NAPLES

2Bedroom(s)
2Bathroom(s)
47Picture(s)
1,440
Visits:0
Discover the epitome of coastal living in this stunning 1440 sqft condo, nestled on the first floor, just steps away from the pristine shores of Naples Beach. Perfectly situated for those who crave the ultimate blend of convenience and luxury, this charming residence offers unparalleled access to both the natural beauty of the beach and the vibrant energy of 5th Avenue's shopping and dining scene.
$839,000

8599 Athena CT, Lehigh Acres, FL 33971, OLYMPIA POINTE

2Bedroom(s)
3Bathroom(s)
33Picture(s)
1,191
Visits:0
GREAT LOCATION!!! Great community to call home in the city of FT-MYERS, This townhouse offers 2 bedrooms with 2 full bathrooms on the 2nd floor. The main bedroom has a view of landscape area and wooded area.
$265,000

1712 Bald Eagle DR, Naples, FL 34105, NAPLES BATH AND TENNIS

2Bedroom(s)
2Bathroom(s)
30Picture(s)
1,218
Visits:0
Investor friendly rental opportunity with immediate rentals allowed. 12x per year, minimum 30 days on the lease. Minimum 14 days with special request during Tennis tournaments allowed, max 6 times per year. 2022 HVAC, Brand New PGT Impact Windows and sliding doors, replacement completed, assessment paid by the seller.
$298,900

8750 Calypso CT, Naples, FL 34112, ISLES OF COLLIER PRESERVE

3Bedroom(s)
4Bathroom(s)
50Picture(s)
2,702
Visits:0
BRAND NEW - NEVER LIVED IN - ACACIA MODEL - LAKEFRONT - 3 BEDROOMS/3.5 BATHS/DEN/COVERED LANAI/2 CAR GARAGE- NESTLED IN THE PRESTIGIOUS NAPLES GATED COMMUNITY OF THE ISLES OF COLLIER PRESERVE - VERY DESIRABLE CORNER LOT - ENERGY EFFICIENT HOME WITH A SPACIOUS OPEN FLOOR PLAN SEAMLESSLY CONNECTS THE LIVING, DINING AND KITCHEN AREAS, CREATING AN IDEAL SPACE FOR BOTH ENTERTAINING AND EVERYDAY LIVING.
$1,699,900

5245 Butte ST, Lehigh Acres, FL 33971, LEHIGH ACRES

3Bedroom(s)
2Bathroom(s)
12Picture(s)
1,564
Visits:0
Charming Florida home with 3 bedrooms, 2 baths 2 car garage located in West Lehigh Acres, quiet neighborhood, this home has been meticulously maintained, move-in ready, phenomenal layout with carpet and laminate wood flooring in the kitchen, new illumination system inside and outside of the house, beautiful vaulted ceilings, split bedrooms, his and Her’s walk-in closets in the Master Bedroom, la
$335,000

4956 30th PL, Naples, FL 34116, GOLDEN GATE CITY

3Bedroom(s)
3Bathroom(s)
25Picture(s)
1,845
Visits:0
Welcome to your dream home in the heart of Golden Gate City! This stunning property offers the perfect blend of location, space, and modern features. 1,845 square feet of beautifully designed living space under air, providing ample room for comfortable living and entertaining.
$730,000

650 Century CT, Marco Island, FL 34145, MARCO ISLAND

4Bedroom(s)
5Bathroom(s)
46Picture(s)
4,370
Visits:0
Magnificent two-story custom home with gorgeous views of Smokehouse Bay and Esplanade. A boater's dream with 158 feet of spectacular direct waterfront from your large dock with 3 three lifts that can accommodate a large boat.
$3,950,000

26610 ROSEWOOD POINT DR, Bonita Springs, FL 34135, BONITA FAIRWAYS

1Bedroom(s)
2Bathroom(s)
38Picture(s)
833
Visits:0
2024 NEWLEY CONSTRUCTED. All condo info and features is uploaded to MLS or request community website info. Botanika at Bonita Fairways is a new condo community within the Bonita Fairways. This corner end unit Aspen 1 model condo has 1 bedrooms + Den and 2 full baths. Unit has a parking garage on 1st floor spot #19. Condo unit actually is on the 2nd floor.
$435,000

1922 Imperial Golf Co BLVD, Naples, FL 34110, IMPERIAL GOLF ESTATES

4Bedroom(s)
3Bathroom(s)
50Picture(s)
3,478
Visits:0
Step into this totally renovated 3478 sq. ft home in much sought after imperial Golf Estates. This southeast exposure home offers expansive views of the 4th and 5th fairway and green on the East course of Imperial Golf. This 4-bedroom 3 bath home is light, bright and spacious.
$1,684,900

1226 Eddy ST, Lehigh Acres, FL 33974, LEHIGH ACRES

3Bedroom(s)
2Bathroom(s)
14Picture(s)
2,010
Visits:0
Home Under Construction - Beautiful 3/Bedrooms - Formal Dinning Room and Study/Den - 2/Baths - 2/Car Garage - Pair of Exterior French Glass Door at Family Room - Separate Tiled Shower in Master Bathroom - Granite Countertops i Kitchen and Baths - Tile ALL Except Bedrooms - Step Ceiling in Master Bedrooms (90 Degrees) - Upgraded Cabinets - Stainless Steel Appliances (Microwave, Stove, Dishwasher) -
$366,570

3726 11th AVE, Cape Coral, FL 33914, CAPE CORAL

3Bedroom(s)
2Bathroom(s)
26Picture(s)
1,747
Visits:0
Welcome to a serene haven in Cape Coral, where tranquility and comfort await in this meticulously maintained home. Built in 2016, this 3-bedroom, 2-bath home offers over 1,740 square feet of thoughtfully designed living space, providing ample room for relaxation and rejuvenation.
$479,900
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