Our real estate market is constantly changing and adjusting to new needs. Recently, the Federal Housing Finance Agency (FHFA) announced a loan-level price adjustment for second-home mortgages. We were thrilled to interview Scott Dostal, Managing Partner of Atlantic Prime Mortgage, to learn the details about the recent change and how it may affect buyers seeking to invest in second homes in our area. Keep reading to hear what Scott had to say!
"On January 5, the FHFA announced there would be loan-level price adjustments for all second-home loans sold to Fannie Mae & Freddie Mac. Prior to these adjustments, pricing for a second home was the same as an owner-occupied property or primary residence. These price adjustments will vary depending on loan-to-value or down payment from buyers. A buyer putting only 10% down on a second home will see a rate as much as 1% higher compared to an owner-occupied home. The new adjustments are very similar to investment property rates, which are higher in cost and rate. The start date for the loan-level price adjustments for second homes is April 1, with most lenders already pricing in these adjustments now. If you have any questions or want to discuss how these adjustments may affect you, please feel free to contact me at 302-684-3932 or scott@atlanticprimemtg.com!"
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