The Iowa Finance Authority is instituting changes to the HFA Preferred Program, per notification from Fannie Mae (FMNA) that they will begin instituting Loan Level Price Adjustments for certain loans delivered through the program effective for loan casefiles created on or after Sept. 5, 2019.
In essence, FNMA will charge an additional one-time upfront fee for loans delivered to FNMA when the borrower's qualifying income is greater than 80% of the area median income (AMI).