Do I need mortgage insurance with Fannie Mae?
Asked 6 months ago
No, mortgage insurance is not required for all loans with Fannie Mae. It depends on the specific loan program and the borrower's down payment. Generally, if the borrower puts down at least 20% of the home's purchase price, mortgage insurance may not be required. However, if the down payment is less than 20%, the borrower may need to pay for mortgage insurance. Fannie Mae offers different loan options, such as HomeReady and HomeReady Mortgage, that provide flexibility in terms of down payment requirements and mortgage insurance. It is advisable to consult with a mortgage lender or Fannie Mae directly to determine the specific requirements for mortgage insurance based on the borrower's situation and loan program.
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