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Fannie Mae to Significantly Increase Loan Level Price (Rate) Adjustments
Ever since it became public knowledge that Fannie Mae was in financial trouble, the agency has implimented "Loan Level Price Adjustments", which are basically add-ons to the rates, based on credit score, LTV ratio, CLTV ratio, loan purpose and also property type. 
On December 29, 2008, Fannie Mae announced they will be raising these adjustments yet again, starting on all loans purchased by the agency after April 1, 2009.  Basically that means that each individual lender will have to decide when to implement these changes so they can make sure they have enough time to complete the sale to Fannie Mae.  In other words, expect most lenders to start requiring these new adjustments on loans originated and locked after the beginning of February.  I'm already getting notices from my lenders, and the earliest date that I've seen so far has been February 2, 2009.
So what will this mean to buyers and those that want to refinance their existing mortgage?  Basically, if you have less than a 700 credit score, you will have to either pay a higher interest rate, or pay more points to get the same rate as someone with a higher credit score.
ONE NOTABLE EXCEPTION: THESE ADJUSTMENTS ... more

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