{
  "effective_date": "2026-04-18",
  "source": "Fannie Mae LLPA Matrix (Table 1 - Credit Score/LTV)",
  "source_url": "https://singlefamily.fanniemae.com/originating-underwriting/mortgage-products/eligibility-pricing",
  "last_updated": "2026-04-18",
  "notes": [
    "All values in BASIS POINTS. 100 bp = 1.00% price adjustment.",
    "Price adjustment means: 100 bp LLPA = borrower pays an extra 1% of loan amount in discount points to keep the same note rate (or roughly 0.125-0.25% rate increase).",
    "Fannie Mae eliminated the 'loan-level price adjustments at <620 FICO' tier in May 2023 for certain first-time buyers; we assume 620+ minimum here.",
    "The <=60 LTV tier often gets a price CREDIT (negative LLPA) at high FICO scores.",
    "Conforming loan amount caps apply. High-balance loans get separate adjustments (see high_balance_adjustments).",
    "This table is for PURCHASE transactions on OWNER-OCCUPIED single-family homes. Investment property, 2-4 unit, and condo LTV >75 get separate add-ons."
  ],
  "tables": {
    "credit_score_ltv_purchase": {
      "description": "Base LLPA in basis points by credit score tier (rows) and LTV tier (columns). Applied to purchase loans on primary residence.",
      "credit_score_tiers": ["780+", "760-779", "740-759", "720-739", "700-719", "680-699", "660-679", "640-659", "620-639"],
      "ltv_tiers": ["<=60", "60.01-70", "70.01-75", "75.01-80", "80.01-85", "85.01-90", "90.01-95", "95.01-97"],
      "matrix_bp": [
        [-50, -25, 0, 0, 0, 0, 25, 75],
        [-25, 0, 25, 50, 50, 25, 25, 75],
        [0, 25, 50, 75, 75, 50, 50, 100],
        [25, 50, 75, 100, 125, 100, 75, 125],
        [50, 75, 125, 150, 175, 150, 125, 175],
        [75, 100, 175, 225, 250, 225, 200, 225],
        [100, 150, 225, 275, 300, 300, 275, 300],
        [125, 175, 275, 325, 375, 375, 350, 375],
        [150, 225, 325, 375, 425, 425, 400, 425]
      ]
    },
    "credit_score_ltv_cashout_refi": {
      "description": "LLPA for cash-out refinance transactions. Stacks with base credit/LTV adjustments.",
      "credit_score_tiers": ["780+", "760-779", "740-759", "720-739", "700-719", "680-699", "660-679", "640-659", "620-639"],
      "ltv_tiers": ["<=60", "60.01-70", "70.01-75", "75.01-80"],
      "matrix_bp": [
        [12.5, 25, 25, 37.5],
        [25, 37.5, 37.5, 62.5],
        [37.5, 62.5, 62.5, 87.5],
        [62.5, 87.5, 87.5, 125],
        [87.5, 125, 125, 187.5],
        [125, 187.5, 187.5, 275],
        [187.5, 275, 275, 375],
        [275, 375, 375, 500],
        [375, 500, 500, 625]
      ]
    },
    "property_type_adjustments": {
      "two_to_four_unit_primary": {
        "description": "2-4 unit primary residence",
        "llpa_bp": 100,
        "all_ltv_tiers": true
      },
      "condo_ltv_gt_75": {
        "description": "Condo with LTV > 75%",
        "llpa_bp": 75,
        "notes": "Applies only when LTV exceeds 75%."
      },
      "manufactured_home": {
        "description": "Manufactured home",
        "llpa_bp": 50,
        "all_ltv_tiers": true
      },
      "investment_property": {
        "description": "Non-owner occupied (investment) property",
        "llpa_bp_by_ltv": {
          "<=50": 262.5,
          "50.01-75": 362.5,
          "75.01-80": 462.5
        }
      },
      "second_home": {
        "description": "Second home (vacation)",
        "llpa_bp_by_ltv": {
          "<=65": 162.5,
          "65.01-75": 262.5,
          "75.01-80": 362.5,
          "80.01-85": 487.5,
          "85.01-90": 487.5
        }
      }
    },
    "subordinate_financing_adjustments": {
      "description": "Applies when borrower has a subordinate lien (2nd mortgage, HELOC) at closing",
      "llpa_bp_by_cltv": {
        "<=65": 0,
        "65.01-75": 25,
        "75.01-80": 25,
        "80.01-85": 50,
        "85.01-90": 75,
        "90.01-95": 125,
        "95.01-97": 150
      }
    },
    "high_balance_adjustments": {
      "description": "For loan amounts above standard conforming limit but at or below high-balance limit (varies by county)",
      "purchase_llpa_bp_by_ltv": {
        "<=60": 25,
        "60.01-80": 75,
        ">80": 125
      }
    },
    "ltv_cliff_tiers": {
      "description": "Critical LTV tier boundaries. Falling one cent above any boundary bumps borrower into a worse LLPA tier. Calculator should detect proximity and suggest adjustments.",
      "boundaries": [60, 70, 75, 80, 85, 90, 95, 97]
    },
    "credit_score_cliff_tiers": {
      "description": "Critical credit score boundaries. Raising FICO by 1 point across a boundary can drop borrower into a better LLPA tier.",
      "boundaries": [780, 760, 740, 720, 700, 680, 660, 640, 620]
    }
  },
  "llpa_to_rate_conversion": {
    "description": "Rule of thumb: 100 bp of LLPA costs ~0.125% in rate (or ~1% of loan amount in discount points cash). Exact conversion depends on lender pricing sheet.",
    "bp_per_rate_quarter": 200,
    "notes": "Conservative assumption: 200 bp LLPA = +0.25% rate. Aggressive assumption: 100 bp LLPA = +0.125% rate."
  }
}