A great mortgage insurance option is NO MORTGAGE INSURANCE with our 97% Lender Paid mortgage insurance option to 97% loan to value makes this a great alternative to FHA loans, with a lower down payment. The advantage to this program is that mortgage insurance is not deductible, but interest is deductible. The payment is normally lower than mortgage insurance options as well.
We also offer single premium mortgage insurance where the entire mortgage insurance premium is paid at the time of closing. It is normally 2% to 4% of the loan amount, and is solid option to consider.
Other programs include:
Primary residences and 2nd homes (to 90%)
Cash out to 85% on primary (don’t see often)
Reserve requirements per DU findings, 45% usually max
High Balance to 90% LTV 740, per DU to 45%
Units to FNMA and high balance maximum
Hybrid MI options (2)
Split 50. There is a 50 basis point to fee adjustment that is rolled into rate and MI is reduced. 80 to 97% LTV, 680 fico,
Split 100, makes MI lower, and increase 1.00 adjustment