There are two 97 percent loans -- the standard program and the HomeReady. The HomeReady has income limits and provides discounted mortgage insurance requirements. The standard program comes with surcharges that depend on your credit score and range from .375 to .875 when you exceed 95 percent loan-to-value. The HomeReady does not have the extra fee as long as your credit score is 680 or better. However, pricing for both products depends on individual lenders. You'll want to see if you qualify for HomeReady or have to use the standard loan. Then, compare rates and costs from several lenders and choose the best deal.
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