A 680 Is a Row, Not a Price
Search for “LLPA at 680” and you will find a single number presented as if the grid were a lookup table with one answer per score. It is not. Fannie Mae’s Loan-Level Price Adjustment Matrix, dated September 30, 2026, is a two-dimensional table: credit score selects the row, loan-to-value ratio selects the column, and loan purpose selects the table. A 680 in the 680–699 row carries a 0.000% adjustment in the lowest LTV column of the purchase-money table and 1.875% in a higher column of the same row. Same score, different column, different fee.
The useful question is not “what is the LLPA for a 680?” It is “which row, which column, and which table apply to my loan?” That question has a checkable answer, and it is the one that shows up in a lender’s pricing.
How the Grid Is Built
Fannie Mae’s matrix states three mechanics that govern every cell. First, “All LLPAs are calculated based on the acquisition date principal balance and are cumulative.” The fee is a percentage of the loan balance at acquisition, and multiple adjustments stack. Second, “LLPAs are based on the gross LTV ratio, with the exception of minimum mortgage insurance LLPAs, which are based on the base (or net) LTV ratio.” Third, “Credit score requirements are based on the ‘representative’ credit score for the mortgage loan as defined in the Selling Guide.”
Those three rules explain why a headline number cannot describe a 680 borrower’s cost. The score picks the row. The LTV picks the column. The loan purpose picks the table. And because adjustments are cumulative, the credit/LTV cell is one line in a stack that can also include occupancy, property type, subordinate financing, and high-balance adjustments.
The 680–699 Row, Read Across
In the purchase-money table for terms greater than 15 years, the 680–699 row reads: 0.000%, 0.000%, 0.625%, 1.125%, 1.750%, 1.875%, 1.500%, 1.375%, 1.125%. The columns run from the lowest LTV band up through the 95.00% band. The fee rises as the down payment shrinks, then steps down again in the highest-LTV columns where mortgage insurance and other requirements take over.
The same score band appears in the limited cash-out refinance table at different values: 0.000%, 0.000%, 0.875%, 1.625%, 2.250%, 2.500%, 2.125%, 1.750%, 1.750%. In the cash-out refinance table, the 680–699 row shows 0.125%, 0.750%, 0.875%, and 1.750% across its columns. A borrower with a 680 refinancing a home does not face the purchase-money row at all.
Take a clearly hypothetical example: a $300,000 purchase loan at 90% LTV in the 680–699 band. The matrix cell for that column is 1.125%, which is $3,375 on the acquisition balance before any other adjustment. The same score at a lower LTV column carries 0.625%, or $1,875. The column moved the cost by $1,500. The score did not change.
Which Score in a Multi-Borrower File
The matrix resolves the joint-application question directly. “Loans delivered with more than one borrower, when one borrower has a credit score and one or more borrowers do not have credit scores, are charged according to the representative credit score (disregarding the borrower(s) without a credit score).” And for files with no score at all: “Loans delivered without any credit score will be charged under the lowest credit score range shown in each of the applicable LLPA tables.” A 680 on one application is not automatically the row used if the representative score is computed differently.
Which Credit Model Produced the 680
Since April 22, 2026, FHFA has permitted lenders to choose between Classic FICO and VantageScore 4.0 for loans sold to the Enterprises on an interim basis. FHFA states that “Lenders will be required to use the same credit score model (Classic FICO or VantageScore 4.0) for all borrowers on a given loan.” On September 30, 2026, FHFA reports, “the Enterprises published adjustments to their upfront fees to align those fees across the Classic FICO and VantageScore 4.0 credit score models, establishing a consistent pricing approach for loans delivered using either approved model.”
The alignment means the fee grid no longer splits by model, but the number 680 still comes from one model or the other, and the two models distribute scores differently across the population. A borrower comparing two quotes should ask which model produced the score on each. Fannie Mae’s matrix requires that “For any loan originated using VantageScore 4.0, lenders must deliver SFC 067,” so the model is recorded at delivery even when the pricing grid is shared.
From Grid Cell to Quote
The grid is an input to a lender’s rate sheet, not the note rate itself. The lender applies the cumulative LLPA stack to its own margin and pricing structure, then presents the result as a rate, points, or a combination. The grid does not set the borrower’s rate, and it does not include lender overlays that sit on top of the Enterprises’ requirements.
That translation layer is why the LLPA is not visible as a labeled line on a standard Loan Estimate. The cost is embedded in the price the lender quotes. A borrower who wants to see the mechanics should ask the loan officer for the LLPA stack applied to the file: the credit/LTV cell, plus occupancy, property type, subordinate financing, and high-balance adjustments where they apply. The sum, expressed as a percentage of the loan amount, is the number the grid actually produces.
The timing matters too. The matrix in effect on the date the loan is delivered governs the fee, and the matrix carries a change log. The September 30, 2026 version removed separate VantageScore 4.0 grids after the September 9, 2026 expansion of VantageScore 4.0 to all approved lenders. A quote pulled before a matrix revision and a loan delivered after it can carry different adjustments. The lag between a grid change and its appearance in a lender’s rate sheet is set by the lender’s own repricing cycle, not by the publication date.
What to Check Before Comparing Two Quotes
Five attributes determine which cell applies. Identify each before treating two quotes as comparable:
- Loan purpose. Purchase, limited cash-out refinance, and cash-out refinance each have their own table, and the 680–699 row differs across all three.
- LTV column. The gross LTV ratio selects the column, with the stated exception for minimum mortgage insurance LLPAs, which use the base or net LTV.
- Occupancy and property type. Investment property, second home, condo, manufactured home, and two- to four-unit adjustments are cumulative on top of the credit/LTV cell.
- Subordinate financing and high-balance status. Both carry their own adjustments in the matrix.
- Credit model. Ask whether the 680 came from Classic FICO or VantageScore 4.0, and confirm the same model was used for every borrower on the loan.
A borrower who holds those five attributes constant can compare the LLPA stack across lenders. A borrower who compares only the score row is comparing a row to a column and will not find the difference in the APR.
What the Grid Does Not Tell You
The matrix does not set the note rate. It does not include lender overlays, servicing spreads, or the lender’s margin. It does not predict a specific quote, and it does not resolve which of two lenders will price a given file lower. It does tell you the size of the credit/LTV adjustment the lender is working from, and that number is checkable against the published matrix.
For borrowers weighing how a rate commitment interacts with other credit decisions, the mechanics of a rate hold on revolving accounts are covered in What a Rate Hold Actually Means for Credit Card Borrowers. The LLPA question is narrower: it is about which cell in a published table applies to a specific loan, and what that cell costs as a percentage of the balance.
FAQ
Does a 680 score have one LLPA rate?
No. The 680–699 row spans 0.000% to 1.875% in the purchase-money table depending on the LTV column, and the same row carries different values in the limited cash-out and cash-out refinance tables. The score selects the row; the loan purpose and LTV select the table and column.
Is the LLPA the same as my interest rate?
No. The LLPA is a percentage of the loan balance that the lender pays to the Enterprise at delivery. The lender translates that cost into its rate sheet alongside its own margin. The grid does not set the note rate.
Which credit score is used on a joint application?
The representative credit score as defined in the Selling Guide. When one borrower has a score and others do not, the matrix states the representative score is used, disregarding borrowers without a score. Loans delivered with no score at all are charged under the lowest credit score range in the applicable table.
Does it matter whether my 680 came from Classic FICO or VantageScore 4.0?
For the fee grid, the Enterprises aligned upfront fees across both models on September 30, 2026. For the score itself, it matters which model produced the number, because the models distribute scores differently. Lenders must use the same model for all borrowers on a loan, and loans originated with VantageScore 4.0 are delivered with SFC 067.
Where does the LLPA appear on my Loan Estimate?
It typically does not appear as a labeled line. The cost is embedded in the price the lender quotes. Ask the loan officer for the LLPA stack applied to the file if you want to see the components.
Sources
- Fannie Mae, Loan-Level Price Adjustment Matrix, dated September 30, 2026.
- FHFA, Credit Scores, last updated October 2, 2026.
- HousingWire, Correcting the record on LLPA updates, for the reported 0.13%–0.75% fee increase for 680–779 scores with 10–20% down payments under the prior model.
