HomeReady: Several Big Advantages Over FHA

HomeReady: Several Big Advantages Over FHA

Posted to: MND NewsWire
Thursday, August 30, 2018 3:58 PM

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Fannie Mae’s 3% down payment HomeReady program was rolled out in 2016. HomeReady has numerous advantages over FHA loans (historically the most common “low down payment” option) and other conventional loans. We’ll compare them in this series. Today, let’s look at mortgage insurance costs:

No upfront mortgage insurance premium: While both HomeReady and FHA have low down payments (3% for HomeReady, 3.5% for FHA), FHA loans add an upfront mortgage insurance premium (UFMIP) of 1.75% of the amount borrowed to…

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