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Loan-level price adjustment (LLPA): what it means

A loan-level price adjustment (LLPA) is an upfront fee Fannie Mae charges the lender on the loans it buys, based on each loan's risk. It depends on things like your credit score, the loan-to-value ratio, the loan purpose (for example, a cash-out refinance), whether you will live in the home and the number of units.

In Spanish it is

Ajuste de precio a nivel de préstamo (LLPA)

Also written as: LLPA · delivery fee · upfront guarantee fee

A couple reads a leaflet together on the sofa at home.

Verified on October 17, 2026

3 official sources

See the whole dictionary

The full explanation

The adjustments add up, and Fannie Mae publishes a table of them. Freddie Mac charges similar fees. According to the FHFA, most lenders build them into the interest rate you pay over time.

An example

Two friends apply for the same kind of conventional loan, but they have different credit scores and down payments. Their loans may carry different price adjustments, and the lender may reflect them in the interest rate it offers each one.

You will see it in…

The interest rate and points your lender offers
The Loan Estimate
The LLPA Matrix Fannie Mae publishes

Words that go with it

You will rarely see this word alone. These are the ones that show up with it on the same papers.

Still confused by a paper?

A HUD-approved housing counselor can walk you through it. Agencies usually charge little or nothing, many work in Spanish, and they do not sell you anything.

What a housing counselor does See free help

Official sources

We sum up what these official sources say, in plain words. We add no rules they do not state; when a rule changes, the definition and its date change.

1. Fannie Mae · Selling Guide C1-1-01: Execution Options (loan-level price adjustments) (external site) · in English · Verified on October 17, 2026
2. Fannie Mae · Selling Guide B2-1.2-01: Loan-to-Value (LTV) Ratios (loan-level price adjustments) (external site) · in English · Verified on October 17, 2026
3. FHFA · Results of Fannie Mae and Freddie Mac Guarantee Fee Review (external site) · in English · Verified on October 17, 2026