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 first–time homebuyer. Total qualifying income of all borrowers is less than or equal to 100%. Fannie Mae is also introducing a new loan–level price adjustment (LLPA) for cash–out refinance transactions. This LLPA will apply to all cash–out 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 loan–level price adjustment (LLPA) for loans with a loan–to–value (LTV) ratio greater than 95%. This LLPA will apply to all mortgage products regardless of the borrower’s occupancy status.
There are ways to avoid Fannie Mae’s new additional fees. Call for more information. Call 239-370-1513
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