Relative risk may be higher because of the Fanny Mae requirements, but there are other variables including loan to value ratios that can adjust accordingly

This is overly simplistic.

> Fannie Mae doesn't support them and only in very limited cases; homes in LA, SF, NYC.

Here's the loan limit map for 2022: https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-L... It's more than just three cities, including all of northern Virginia, and there's gradations.