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Second Home/High Balance Mortgage Costs Rise

Second Home/High Balance Mortgage Costs Rise

January 10, 2022
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Fannie Mae and Freddie Mac, the government sponsored enterprises (GSE’s) that guarantee most US mortgages, announced substantial increases in the fees (aka Loan Level Pricing Adjustments or LLPAs) they charge on second home and “high balance” mortgages Wednesday. ( HERE and HERE ). The new costs are effective for loans securitized on/after April 1, meaning borrowers will see them added within weeks (even for loans closing well before April 1!). The largest impact is to loans for second/vacation homes. Just how much will the changes cost buyers? Previously, there were no separate 2nd home pricing adjustments for our scenario, today’s announcement means these loans will soon carry a hefty 1.125 to 4.125% pricing adjustment ! The irony here is that Fannie/F
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