February 3rd, 2022 10:51 AM by Salim (Sam) Kader MLO# 130505
On Jan 5th 2022 - The Federal Housing Finance Agency (FHFA) announced that it will increase its fees called Loan Level Pricing Adjustment or LLPA for second homes and high-balance loans sold to Fannie Mae and Freddie Mac effective 4/1/2022. Increase upfront fees are tiered by Loan-To-Value (LTV) or down payment – see table below. Loans in some affordable programs such as HomeReady, Home Possible, HFA Preferred and HFA Advantage are exempt from this new FHFA fees. First-time homebuyers in high-cost areas whose incomes are below 100% of the area median income will also be exempt from this new fees . Although, only a small portion of potential homebuyers from this category (affordable home programs) are seeking second homes and high-balance loan.
See FHFA news release here and please see here for different types of points that you may or may not have to pay when buying a house.