This was the first Fannie Mae grid that takes into account both your FICO score and LTV (Loan-To-Value) that came into effect in 2009 which made getting a mortgage much more difficult from the affordability standpoint. Long and short, if you have a 741 credit score and at least 20% equity you are eligible for the lowest rates provided you qualify income wise and are NOT doing a cash-out refinance, the grids are cumulative. So if you have say, a 699 score which in the past was considered very good and are doing a cash-out refinance your cumulative hits are 102.875% or almost 3 points to pay to get the best rates available. This is one of the reasons most people have a difficulty taking advantage of these historic low rates and all the changes to these guides have only made it harder for those that need a break to get one…. .