LLPA? Points Requirements?

[Steve Ford]

I'm under contract on my first property (thanks BiggerPockets community). My lender just told me that 2nd home liens are required to pay points. I got the impression it was a Fannie thing, not an individual investor thing, but I haven't probed any deeper with him yet. Wanted to check with the folks here to get educated first. I read something about LLPAs on the forum that I don't understand. Any advice/education would be appreciated. He's saying 7.5% with 3pts or 8.125% with 2pts (30 year fixed) with no Zero or 1-point options. Won't kill the deal, but more out of pocket than I'd anticipated (and a little frustrated he hasn't mentioned this previously).

[Russell Brazil]

Quote from @Michael Baum:

Ok, so to be clear @Steve Ford, you are looking to get a 2nd mortgage on a 2nd home you currently own?

Or do you mean buying a 2nd home?

LLPA  - Limited Liability Partnership Agreement? What does that have to do with your current situation?

 LLPA = Loan Level Price Adjustment