PMI Changes

I had an interesting session with a Private Mortgage Insurance company last week-with a strong buyer (720+ cr score) & 10% down, debt to income 45% or below, & some cash reserves- we’re back to possibly making conventional loans with financed mortgage insurance- no Monthly PMI added to the buyers payment. With the changes coming to FHA Upfront mortgage insurance premium in April- Upfront PMI being raised to 2.25% of the base loan amount, this is a lower cost alternative to the buyer with NO MONTHLY PMI – that FHA has.

This is good news for all of us!!


About lizschneider66

Mortgage consultant with over 19 years experience. First time buyers, move up buyers, construction, FHA/VA, Jumbo loans, investment property purchases, & refinances- I will find the solution to financing the American dream of homeownership! Subscribe to my blog and never miss any mortgage industry news. I am Vice President of the North Coast Building Industry Association, Lorain County Association of Realtors, Working Women Connection and Womens Council of Realtors.
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