Lender Paid Mortgage Insurance Programs
Mortgage insurance is required whenever a down payment isless than 20% of your home’s value. This insurance protects the lender in case you fail to pay the mortgage. With this mortgage type the lender will pay the mortgage insurance for you.It’s best suited for borrowers with higher credit scores and good debt to income.
• As little as a 5% down payment required
• Fixed and variable rate options available
• Sellers can contribute up to 3% of purchase price towards buyers closing costs with a 5% down payment
• Sellers can contribute up to 6% of purchase price towards buyers closing costs with a 10% down payment