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Key Highlights
The Benefits
No Monthly Mortgage Insurance
Eliminate the recurring cost of monthly PMI.
Lower Monthly Payments
Reduce monthly housing costs.
More Purchase Options
Explore alternative purchase solutions.
What's Required
Program Eligibility
No MI options vary by lender and loan program.
Mortgage Qualification
Credit, income, assets, and property requirements apply.
Eligible Home Purchase
Property and occupancy requirements vary by program.
The Ins & Outs
How it Works
No MI Purchase solutions allow eligible homebuyers to purchase a home without monthly private mortgage insurance (PMI), even when certain financing options would traditionally require it. Eliminating monthly mortgage insurance can help reduce the ongoing cost of homeownership and create a more affordable monthly payment.
These solutions may be available through select conventional, proprietary, or specialized loan programs. Eligibility, down payment requirements, loan structure, and available terms vary by lender and program.
Example Scenario
A homebuyer has enough funds to purchase a home but would prefer not to make a traditional 20% down payment. Through an eligible No MI Purchase program, the borrower may be able to finance the home without monthly private mortgage insurance, helping reduce their ongoing monthly housing costs.
What is a No MI Purchase loan?
No MI Purchase refers to mortgage financing that allows eligible borrowers to purchase a home without paying monthly private mortgage insurance. Available structures and requirements vary by lender.
Do I need 20% down to avoid mortgage insurance?
Not necessarily. While conventional financing commonly allows borrowers to avoid PMI with sufficient equity, select mortgage programs may offer eligible borrowers options without monthly mortgage insurance at lower down payments.
Does No MI mean there are no additional costs?
Not necessarily. Eliminating monthly mortgage insurance does not automatically make a loan less expensive overall. Interest rates, lender pricing, fees, and other costs should be considered when comparing financing options.
Is No MI Purchase available to first-time homebuyers?
It may be. Some No MI financing options are available to eligible first-time buyers, while others may be available to a broader range of borrowers. Requirements vary by program.
How do I know if a No MI option saves me money?
An EHG Mortgage Advisor can compare the interest rate, monthly payment, upfront costs, and overall loan structure against traditional mortgage options with mortgage insurance to determine which solution better fits your goals.
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