"Scott and his team did a great job of laying out potential funding scenarios that fit our budget. In the end, we now save $300 per month on our mortgage."
michael s
Second Homes and High Balance Loans ( > 647k ) Are About To Get Very Expensive
Hello,
I wanted to get this critical information out about a change FHFA (Fannie Mae) made yesterday. The change will impact your costs on obtaining financing on a second home and loans above 647k, which is called "high balance."
The video above has all of the essential info if you plan to purchase a 2nd home soon and or you plan to pull cash out on a " high balance " loan.
These costs, called LLPA ( loan-level price adjustments), take effect on April 1st. But you need to be in application and locked by February 14th to avoid these costs.
Link to the announcement - https://singlefamily.fanniemae.com/media/30326/display
I wanted to get this critical information out about a change FHFA (Fannie Mae) made yesterday. The change will impact your costs on obtaining financing on a second home and loans above 647k, which is called "high balance."
The video above has all of the essential info if you plan to purchase a 2nd home soon and or you plan to pull cash out on a " high balance " loan.
These costs, called LLPA ( loan-level price adjustments), take effect on April 1st. But you need to be in application and locked by February 14th to avoid these costs.
Link to the announcement - https://singlefamily.fanniemae.com/media/30326/display