Pricing

Fannie Mae LLPA matrix (2026): loan-level price adjustments

Editorial Team · Updated October 21, 2026

A loan-level price adjustment (LLPA) is a one-time fee, in percent of the loan. Fannie Mae charges it to the lender when it buys a conventional mortgage.

Under the matrix effective September 30, 2026, a 780+ borrower with 20% down pays 0.375% of the loan. At 740–759 it's 0.875%; at 639 or below, 2.750%.

Lenders pass the fee on as discount points or, more often, a higher rate — so it rarely shows up as a separate charge.

The grid covers Classic FICO and VantageScore 4.0 scores. FHA, VA, USDA (Section 502) and HUD Section 184 loans are excluded.

LLPA calculator

Enter a score, loan-to-value and the loan's features to add up every adjustment that applies.

Each input maps to a row or column of the official matrix below.

Total LLPA0.875%of the loan

On $400,000$3,500charged to the lender, passed on to you

As a rate≈ +0.22%if built into the rate (~0.25% per point)

Credit score 740–759 at 75.01–80% LTV0.875%

Credit score band 740–759 · LTV band 75.01–80% · adjustments are cumulative

Purchase loans: LLPA by credit score and LTV

This grid applies to purchase loans with terms over 15 years. A 15-year purchase pays none of it.

Find your credit score row and your loan-to-value column. The add-ons further down stack on top.

Purchase money loans, terms over 15 years — % of loan amount; columns are LTV ranges, 75–80% = 75.01–80.00% (Fannie Mae, effective September 30, 2026)

Purchase loans: LLPA by credit score and LTV
Credit score	30–60%	60–70%	70–75%	75–80%	80–85%	85–90%	90–95%	>95%
780+	0.000	0.000	0.000	0.375	0.375	0.250	0.250	0.125
760–779	0.000	0.000	0.250	0.625	0.625	0.500	0.500	0.250
740–759	0.000	0.125	0.375	0.875	1.000	0.750	0.625	0.500
720–739	0.000	0.250	0.750	1.250	1.250	1.000	0.875	0.750
700–719	0.000	0.375	0.875	1.375	1.500	1.250	1.125	0.875
680–699	0.000	0.625	1.125	1.750	1.875	1.500	1.375	1.125
660–679	0.000	0.750	1.375	1.875	2.125	1.750	1.625	1.250
640–659	0.000	1.125	1.500	2.250	2.500	2.000	1.875	1.500
639 or below	0.125	1.500	2.125	2.750	2.875	2.625	2.250	1.750

Rate-and-term refinance (limited cash-out)

A refinance that pays off the old loan without taking cash out uses a slightly higher grid — again only on terms over 15 years.

Student-loan cash-out refinances are priced on this grid too.

Limited cash-out refinances, terms over 15 years — % of loan amount; columns are LTV ranges, 75–80% = 75.01–80.00% (effective September 30, 2026)

Rate-and-term refinance (limited cash-out)
Credit score	30–60%	60–70%	70–75%	75–80%	80–85%	85–90%	90–95%	>95%
780+	0.000	0.000	0.125	0.500	0.625	0.500	0.375	0.375
760–779	0.000	0.125	0.375	0.875	1.000	0.750	0.625	0.625
740–759	0.000	0.250	0.750	1.125	1.375	1.125	1.000	1.000
720–739	0.000	0.500	1.000	1.625	1.750	1.500	1.250	1.250
700–719	0.000	0.625	1.250	1.875	2.125	1.750	1.625	1.625
680–699	0.000	0.875	1.625	2.250	2.500	2.125	1.750	1.750
660–679	0.125	1.125	1.875	2.500	3.000	2.375	2.125	2.125
640–659	0.250	1.375	2.125	2.875	3.375	2.875	2.500	2.500
639 or below	0.375	1.750	2.500	3.500	3.875	3.625	2.500	2.500

Cash-out refinance

Cash-out pricing works differently:

It applies at every term, 15-year loans included.
It starts at 0.375%, even with lots of equity.
It stops at 80% loan-to-value — the cap for a one-unit principal residence.

Cash-out refinances, all terms — % of loan amount; columns are LTV ranges, 75–80% = 75.01–80.00% (effective September 30, 2026)

Cash-out refinance
Credit score	≤30%	30–60%	60–70%	70–75%	75–80%
780+	0.375	0.375	0.625	0.875	1.375
760–779	0.375	0.375	0.875	1.250	1.875
740–759	0.375	0.375	1.000	1.625	2.375
720–739	0.375	0.500	1.375	2.000	2.750
700–719	0.375	0.500	1.625	2.625	3.250
680–699	0.375	0.625	2.000	2.875	3.750
660–679	0.375	0.875	2.750	4.000	4.750
640–659	0.375	1.375	3.125	4.625	5.125
639 or below	0.375	1.375	3.375	4.875	5.125

Add-ons by loan feature

These adjustments apply at every term, on top of the credit-score grid.

Purchases and rate-and-term refinances share the table below. Cash-out refinances use the same figures up to 80% loan-to-value, except for high-balance loans:

Fixed rate: 1.250%–1.750% on a cash-out
ARM: 2.000%–3.250% on a cash-out

Additional LLPAs, purchase and limited cash-out refinance — % of loan amount; columns are LTV ranges, 75–80% = 75.01–80.00% (effective September 30, 2026)

Add-ons by loan feature
Loan feature	≤30%	30–60%	60–70%	70–75%	75–80%	80–85%	85–90%	90–95%	>95%
Adjustable-rate mortgage	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.250	0.250
Condo	0.000	0.000	0.125	0.125	0.750	0.750	0.750	0.750	0.750
Investment property	1.125	1.125	1.625	2.125	3.375	4.125	4.125	4.125	4.125
Second home	1.125	1.125	1.625	2.125	3.375	4.125	4.125	4.125	4.125
Manufactured home	0.500	0.500	0.500	0.500	0.500	0.500	0.500	0.500	0.500
Two- to four-unit property	0.000	0.000	0.375	0.375	0.625	0.625	0.625	0.625	0.625
High-balance fixed-rate	0.500	0.500	0.750	0.750	1.000	1.000	1.000	1.000	1.000
High-balance ARM	1.250	1.250	1.500	1.500	2.500	2.500	2.500	2.750	2.750
Subordinate financing	0.625	0.625	0.625	0.875	1.125	1.125	1.125	1.875	1.875

Who pays no LLPAs: waivers and credits

Every LLPA is waived for these loans:

HomeReady® loans
Loans to first-time homebuyers with qualifying income at or below 100% of area median income (AMI), or 120% of AMI in high-cost areas
Duty to Serve loans (purchase and limited cash-out refinances of a principal residence, total qualifying income at or below 100% of AMI):
- Manufactured housing including MH Advantage®
- Loans in high-needs rural regions
- Loans to Native Americans on tribal lands
- Loans from small financial institutions
- Affordable-housing preservation loans (ENERGY STAR® improvements, shared equity)

Minimum mortgage insurance coverage LLPAs still apply to waived loans.

Some loans also earn a credit that lowers the price:

LLPA credits (effective September 30, 2026)

Who pays no LLPAs: waivers and credits
Loan	Credit
Housing counseling (HomeReady loans)	−$500
HomeStyle® Energy	−$500
RefiNow™ loans with an appraisal (no value acceptance offer)	−$500
HomePath® properties with an appraisal (no value acceptance offer)	−$500
HomeReady purchase loans to very-low-income borrowers (≤ 50% of AMI) with at least one first-time homebuyer — through Feb. 2027	−$2,500

How to read the matrix

They stack. Add the credit-score cell to every add-on that applies.
Gross LTV, representative score. A loan with no credit score is charged at the lowest band.
Charged once. The percentage applies to the loan amount when Fannie Mae buys the loan.
Usually built into the rate. About 0.25 percentage points of rate per point is a common rule of thumb; rate sheets vary.

Freddie Mac publishes its own credit-fee matrix (Guide Exhibit 19).

To see what these adjustments mean for a quoted rate, use the mortgage rates by credit score table.

Sources

Put the numbers to work

Mortgage Points Calculator

Decide whether buying discount points to lower your rate pays off, and how long it takes.

Mortgage Calculator with PMI

Include private mortgage insurance in your payment and find out exactly when PMI drops off.

Mortgage Refinance Calculator

Compare your current loan to a refinance: new payment, closing costs and the break-even point.

Related reference

Frequently asked

What does LLPA mean in a mortgage?

LLPA stands for loan-level price adjustment: a one-time, risk-based fee Fannie Mae and Freddie Mac charge on conventional loans, set mainly by credit score and loan-to-value, with add-ons for things like condos, investment properties and cash-out. Lenders pass it on as points or a higher rate.

What is an LLPA waiver and who is eligible for it?

A waiver removes every LLPA from the loan. It covers HomeReady loans and first-time buyers earning up to 100% of area median income (120% in high-cost areas). Some Duty to Serve loans at or below 100% of AMI qualify too.

Do LLPAs apply to 15-year mortgages?

The credit-score grid does not: for purchase and rate-and-term refinance loans it applies only to terms over 15 years. Add-ons (condo, investment property, high-balance and so on) still apply at any term, and cash-out refinances pay the score grid at every term.

Do FHA and VA loans have LLPAs?

No. FHA, VA, USDA Section 502 and HUD Section 184 loans are excluded from Fannie Mae's LLPAs.

They carry their own costs instead — FHA mortgage insurance, the VA funding fee and the USDA guarantee fee — which do not change with credit score.

How much do LLPAs raise my mortgage rate?

Roughly 0.25 percentage points of rate per 1% of LLPA, as a rule of thumb. At 20% down, moving from a 780+ score (0.375%) to 700–719 (1.375%) adds about one point — close to a quarter-point higher rate on the same loan.

All reference data