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.
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.