#fannie-mae-and-freddie-mac

#fannie-mae-and-freddie-mac

LLPAs are either paid upfront or baked into the interest rate. They vary based on factors including borrower credit score, down payment and property type. The Biden administration attempted to revamp the LLPA matrix in 2023, which would have permanently reduced or eliminated fees for first-time homebuyers and low- to moderate-income borrowers. The changes also included fees for borrowers with lower credit scores and higher down payments.