Homeready mortgage insurance rates
The Fannie Mae HomeReady Mortgage is designed for home buyers who don’t fall into typical lending approval guidelines. If you have a low down payment, need to use income from a household member who’s not on the loan, need to have a co-signer, or need to use income from renting out a room in the home you’re buying, the HomeReady mortgage might be right for you. The lower mortgage insurance rates for the HomeReady™ program go right along with the premise of the loan – an affordable loan for low-income families. With the ability to use total household income, even income from those that are not on the loan, this program makes it possible for many more people to become homeowners. Any form of mortgage insurance will increase the amount you’ll pay over the life of your loan, but the big difference between FHA and HomeReady is how mortgage insurance is calculated — and whether or not you can cancel it later on. Let’s take a closer look: FHA Mortgage Insurance