BIG NEWS OUT FROM FHFA THAT MAY IMPACT OUR BUYERS!

Overview of Changes
*Fannie Mae and Freddie Mac announced that starting with loans PURCHASED May 1, 2023, a new LLPA grid will go into effect.
-Lower FICOs, multi units and low LTV investment properties are improving.
-Higher FICOs above 70% LTVs are worsening.
*Ginnie Mae adjustments are not changing.
*The new FNMA and FHLMC LLPA matrices are below
*There are new credit score bands at 760+ and 780+.
*Several changes to 2-4 unit property LLPAs
*BIG increases in fees for many “Cash-Out” loans
*AND the BIG ONE!!! Price adjustment for DTI’s over 40% with LTVs over 60%!!! Work with The Niles Team to make sure your buyers are FULLY approved upfront so that their pricing is solid and doesn't change. Lots of lenders will CHANGE pricing on your clients due to lack of upfront underwriting so make sure your clients are working with a professional, local mortgage team.
Resources
View official changes https://singlefamily.fanniemae.com/media/9391/display
FHFA Announcement https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Updates-to-Enterprises-SF-Pricing-Framework.aspx
Fannie Mae Lender Announcement https://singlefamily.fanniemae.com/media/33241/display
Freddie Mac Guide Bulletin Announcement https://guide.freddiemac.com/app/guide/bulletin/2023-1
LLPA Matrix https://houseloanwysk.com/wp-content/uploads/sites/2/2023/02/LLPA-Matrix-updated-02-01-23.pdf
Freddie Mac Exhibit 19 Credit Fees https://houseloanwysk.com/wp-content/uploads/sites/2/2023/02/exhibit_19_effective-05.01.2023.pdf

Reviews

"Ryan and his team are top notch professionals. As new first time home buyers Ryan and his team explained all the things we needed to do to get our mortgage. They answered all of our questions and was available even after closing hours. Great experience and would highly recommend him and his team to anyone else purchasing a home and needing a loan. Thanks Ryan, you Rock!"

starjohv7

"Ryan and David were fantastic to work with -- they really know their stuff and it shows. It's been eye-opening to talk with my friends about buying in this market. They can't imagine being able to afford it, but with the right financial strategy, we could. So grateful that it worked out. "

db34768

"Ryan has been doing this a long time and it shows. He offers multiple different strategies depending on market conditions, walks you through the pros and cons of each and then gives you his recommendation. He answers any questions and works around your schedule. Couldn’t ask for a better lender ."

zac petersen