Homeownership for All – 97% LTVs
Fannie Mae® and Freddie Mac® recently published announcements to once again back mortgages with down payments as low as 3% and National MI’s underwriting guidelines remain in alignment with this move.
Inspired by Homeownership
National MI has always supported the market for first time homebuyers and the 3% down payment option is in line with our mission to enable low down payment members to realize homeownership – quickly and more affordably.
Our guidelines fully support the GSE’s expansion to 97% LTVs:
- 97% LTV down to 620 credit score for primary residence purchase and rate term refinances
- 100% gift funds allowed
Less than 5% down doesn’t necessarily mean FHA
Our programs for Affordable Lending and first time homebuyers making low down payment purchases present a very viable member alternative to FHA, as conventional loans can once again become an option for 97% LTV members.
With National MI, a borrower can expect:
- Less cash to close
- Lower monthly payments
- Equity Preservation
- MI Cancellation
All important to helping the current generation of homebuyers get into their first home.