Do LLPAs change for investment property?
Yes, materially. Investment property and second home each hit their own LLPAs on top of credit/LTV adjustments. Investment property LLPAs can add 2-5%+ in points equivalent compared to primary residence at the same credit and LTV.
Plain-English explanation
Occupancy LLPAs: primary residence (no occupancy LLPA), second home (modest LLPA), investment property (largest occupancy LLPA, often 1-3%+ in points equivalent). On top of that, condo, multi-unit, and cash-out refinance each have their own LLPAs. The matrix can stack to a significant total adjustment. Subject to current Fannie/Freddie LLPA matrices.
What can change the answer?
Fannie Mae and Freddie Mac LLPA matrices update periodically. Credit, LTV, occupancy, property type, and loan purpose all stack.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
More conventional questions on LLPAs
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review.