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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586 Boulder DR, Sanibel, FL 33957
EAST ROCKS

3Bedroom(s)
2Bathroom(s)
31Picture(s)
1,306
Visits:0
Don't miss this charming home at 586 Boulder! Just a short walk to the beach, you can also launch a kayak from the community lake in your backyard or stroll through the neighborhood. East Rocks offers everything you need! This is a great opportunity to customize your ideal beach house. With a functional 3/2 floor plan, spacious sunroom, and large garage, the home is ready for your personal touch.
$539,000

14130 Winchester CT, Naples, FL 34114
REFLECTION LAKES OF NAPLES

3Bedroom(s)
3Bathroom(s)
39Picture(s)
1,507
Visits:0
Welcome to THE BEST Buy In Reflection Lakes and the LOWEST PRICED, where comfort and convenience combine to create the perfect living space. One of the many highlights of this home is the extended screened-in lanai, a spacious outdoor area perfect for enjoying Naples’ beautiful weather.
$345,000

1943 Bahama AVE, Fort Myers, FL 33905
FORT MYERS SHORES

3Bedroom(s)
3Bathroom(s)
34Picture(s)
2,733
Visits:0
A Stunning Elevated Riverfront Home. This gorgeous home sits at the end of a point, providing breathtaking 180 views Watch the manatees and dolphins swimming by from your patio, only steps away from the river.
$1,095,000

6929 Dog Leg WAY, Fort Myers, FL 33919
MYERLEE CIRCLE CONDO

2Bedroom(s)
2Bathroom(s)
20Picture(s)
1,258
Visits:0
This highly sought after 55+ community offers a multitude of amenities including a golf course, clubhouse, pool, bocce courts, shuffleboard, social and hobby hall as well as a library. Myerlee Country Club's prime location is just one of the many reasons this area is so desirable.
$199,900

2499 River Reach DR, Naples, FL 34104
RIVER REACH

3Bedroom(s)
2Bathroom(s)
29Picture(s)
1,559
Visits:0
INCREDIBLE 3bd/ 2ba Home in Heart of Naples, only 10 Minutes to 5th Ave S, and beaches. Very Low HOA Fees ($515/ year). NO LEASE RESTRICTIONS! A Unique Community that Offers a Community Pool and Optional Boat Ramp and GULF ACCESS with joining Coconut Point HOA (additional $435/ year).
$749,000

1004 10th ST, Lehigh Acres, FL 33972
LEHIGH ACRES

3Bedroom(s)
2Bathroom(s)
25Picture(s)
1,406
Visits:0
New Construction. This beautiful property features three spacious bedrooms and two modern bathrooms. The kitchen is fully equipped with stainless steel appliances, making it perfect for those who love to cook. The property offers easy access to schools, shopping centers, and healthcare services, ensuring convenience for the whole family.
$320,000

15 Bluebill AVE, Naples, FL 34108
VANDERBILT BEACH

3Bedroom(s)
3Bathroom(s)
41Picture(s)
1,850
Visits:0
*Building has one the highest elevations and did not sustain damage during recent hurricanes.* Positioned for the ultimate waterfront lifestyle and endless opportunities of outdoor recreation with prime location near Vanderbilt Beach and Delnor-Wiggins State Park.
$1,099,000

2200 Colefax CT, Lehigh Acres, FL 33973
WESTMINSTER

5Bedroom(s)
3Bathroom(s)
50Picture(s)
3,847
Visits:0
Move right in and enjoy SWFL living in this two-story home in Westminster Golf Club Community. With 5 full bedrooms and 3 full bathrooms, there is plenty of space for everyone. Add in a large corner lot on a cul-de-sac and pool and spa in your backyard, you will never want to leave! This home has just been completed with a brand new roof and full interior and exterior painting.
$543,999

2160 Piccadilly Circus, Naples, FL 34112
CROWN POINTE

4Bedroom(s)
3Bathroom(s)
50Picture(s)
2,401
Visits:0
Come see why we believe this is one of the best values in Naples!! Beautifully maintained 4BR + den two-story masterpiece! Every blade of grass is in perfect order! The home boasts a heated, salt water pool & spa [new salt water system] and an oversized under cover lanai. You will feel like you live at your on private resort! The manicured, lush landscaping offers the ultimate in privacy.
$815,000

3227 Cotuit LN, Naples, FL 34114
FIDDLER'S CREEK

4Bedroom(s)
5Bathroom(s)
45Picture(s)
2,846
Visits:0
Your dream home awaits in the coveted Marsh Cove section of Fiddler’s Creek! Perfectly blending luxury with coastal design, this former model home features 4 bedrooms plus a den, 4.5 bathrooms, and a spacious 3-car garage. The bright and open floor plan is ideal for hosting gatherings with family and friends.
$2,799,999

4557 Arboretum CIR, Naples, FL 34112
ARBORETUM

2Bedroom(s)
2Bathroom(s)
36Picture(s)
1,721
Visits:0
The Oceangrove floorplan features a striking Craftsman exterior and is a stacked flat available in this community with 2 bedrooms, 2 baths, a study, a 2-car garage, and condo ownership. This open floorplan offers optimized living spaces and is perfect for entertaining guests for a few hours or days. The main living area is just up the stairs accessible from the garage and front door entry.
$598,698

9011 PENNY CIR, Labelle, FL 33935
LABELLE

3Bedroom(s)
2Bathroom(s)
10Picture(s)
2,000
Visits:0
Experience luxury living in this 3 bedroom, 2 bathrooms and 3 car garage. The open-concept design showcases sleek lines and high-end finishes throughout. Hurricane impact windows and doors ,flood the living spaces with natural light and offer breathtaking views of the surrounding area. The modern kitchen boasts top-of-the-line appliances and a large island.
$360,000

4557 Arboretum CIR, Naples, FL 34112
ARBORETUM

2Bedroom(s)
2Bathroom(s)
15Picture(s)
1,406
Visits:0
Extensive waterfront view, walking distance to the amenities this is one you don't want to miss -- The Carmel coach home is a 1st floor end unit (1,406 sq ft under air) home that is designed to enhance your lifestyle.
$519,637

383 4th AVE, Naples, FL 34102
OLDE NAPLES

3Bedroom(s)
4Bathroom(s)
37Picture(s)
2,920
Visits:0
Located in the heart of downtown, this beautiful Old Naples cottage, designed by MHK, sits just three blocks from the beach and one block to the shops and dining on 5th Avenue. With just under 3,000 square feet, the light-filled home has an open kitchen and living area which leads to the lanai, a space ideal for entertaining.
$5,750,000

4122 Residence DR, Fort Myers, FL 33901
THE RESIDENCE

2Bedroom(s)
1Bathroom(s)
18Picture(s)
873
Visits:0
Near Historic Downtown and walking to the Mall to local shops and restaurants. 2 bed 2 batH 1ND floor new appliances's.Private screen lanai, laundry in the unit. Curb appeal is present from the moment you drive onto the circular brick driveway with a center fountain in front of the communities clubhouse.
$209,000

185 North Lake DR, Naples, FL 34102
OLDE NAPLES

4Bedroom(s)
6Bathroom(s)
50Picture(s)
4,082
Visits:0
Experience timeless Naples charm seamlessly integrated with modern luxury in this exquisite 1-story single-family home with a 3-car garage, built in 2017. From the moment you enter, custom cabinetry and millwork adorn every corner.
$9,199,000

26426 Lucky Stone RD, Bonita Springs, FL 34135
HAWTHORNE

2Bedroom(s)
2Bathroom(s)
32Picture(s)
1,644
Visits:0
FANTASTIC SE FACING LOCATION OVERLOOKING THE LAKE!! This FIRST FLOOR END UNIT is offered furnished and features 2 bedrooms plus a den, 2 baths, 2 car garage and screened lanai. The kitchen offers plenty of lovely cabinetry and and boasts of a full pantry, dining area plus breakfast bar. The spacious great room has tiled floors that lead to the den with french doors.
$375,000

552 Century DR, Marco Island, FL 34145
MARCO ISLAND

3Bedroom(s)
3Bathroom(s)
31Picture(s)
1,664
Visits:0
Western exposure for lots of sun on the pool/lanai area which overlooks tropical landscaping. Located in the desirable Tigertail Beach neighborhood. This home offers a coastal feel with a spacious lanai, an open kitchen with granite countertops and stainless steel appliances, an electric fireplace in the living room to take the chill off on the cool winter days, and offers great ambiance.
$1,150,000
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