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Mortgage Insurance Alternatives

Best for customers with a 5%—10% down payment.
Lets you avoid the cost of traditional private mortgage insurance (PMI).
Offsets the cost of PMI through your interest rate, providing an opportunity for a tax deduction (ask your tax advisor).
Potentially lower payments than a similar loan with PMI.
Available on most loan programs.

Another mortgage insurance alternative is an 80-15-5 Program sometimes called a Piggy-Back. A fixed rate program designed to help Borrowers purchase a home with as little as 5% down while avoiding Mortgage Insurance. Not only does it save you money, it also maximizes your tax benefits.

  • Greater equity buildup
  • 2nd lien is 100% tax deductible, mortgage insurance is not!
  • 2nd paid off in 5-15 years helps college expenses or retirement
  • Allows for expanded underwriting qualifying ratios
  • Allows borrowers to manage their own escrows
  • No prepayment penalty on 1st or 2nd lien.

Take advantage of our free, secure Find a Lender service and get great rates from several lenders at once.

Restrictions apply. Program terms are subject to change. Some products not available in all states.

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