Conventional Lender Paid MI

Is Lender Paid MI Right For You?
It is a lender paid mortgage insurance and is available only on conventional loans. Pay a fee up front when you get your loan or either have a much higher interest rate and the lender will be the one to pay for your mortgage insurance. Benefits of LPMI?

Lower monthly payment
Actually qualify for more money since your monthly payment is less.
Could save you a chunk of money each month on your monthly mortgage payment.

Conventional Lender Paid MI Program Guidelines
(M.I. PLAN: PAY ADVANTAGE)
Purchase / Rate and Term
# Primary: Second Home:
LTV: 95.01-97% | 80-95% 90-97% | 80-90%
Minimum Credit Score: 720 | 640 — 640
Reserves: Per DU | Per DU — Per DU
Maximum Loan Amount: $417,000 | $417,000 — $417,000
Maximum Ratios: Per DU | Per DU — Per DU
Borrower Funds: 3% | 3% — 5-10%
Appraisal: Per DU | Per DU — Per DU
Cash Out
# Primary: Second Home:
LTV: 85%+ | 80-85% 85%+ | 80-85%
Minimum Credit Score: — 640 — —
Reserves: — Per DU — —
Maximum Loan Amount: — $417,000 — —
Maximum Ratios: — Per DU — —
Borrower Funds: — N/A — —
Appraisal: — Per DU — —
High Balance – Purchase / R&T
# Primary: Second Home:
LTV: 90.01%+ | 80.01-90% 90.01%+ | 80.01-90%
Minimum Credit Score: — 740 — —
Reserves: — Per DU — —
Maximum Loan Amount: — $625,500 — —
Maximum Ratios: — Per DU — —
Borrower Funds: — Per DU — —
Appraisal: — Per DU — —
(M.I. PLAN: MONTHLY MI)
Purchase / Rate and Term
# Primary: Second Home:
LTV: 95.01-97% | 80-95% 90-97% | 80-90%
Minimum Credit Score: 720 | 640 — 640
Reserves: Per DU | Per DU — Per DU
Maximum Loan Amount: $417,000 | $417,000 — $417,000
Maximum Ratios: Per DU | Per DU — Per DU
Borrower Funds: 3% | 3% — 5-10%
Appraisal: Per DU | Per DU — Per DU
Cash Out
# Primary: Second Home:
LTV: 85%+ | 80-85% 85%+ | 80-85%
Minimum Credit Score: — 640 — —
Reserves: — Per DU — —
Maximum Loan Amount: — $417,000 — —
Maximum Ratios: — Per DU — —
Borrower Funds: — N/A — —
Appraisal: — Per DU — —
High Balance – Purchase / R&T
# Primary: Second Home:
LTV: 90.01%+ | 80.01-90% 90.01%+ | 80.01-90%
Minimum Credit Score: — 740 — —
Reserves: — Per DU — —
Maximum Loan Amount: — $625,500 — —
Maximum Ratios: — Per DU — —
Borrower Funds: — Per DU — —
Appraisal: — Per DU — —
(M.I. PLAN: SPLIT 50 / SPLIT 100)
Purchase / Rate and Term
# Primary: Second Home:
LTV: 95.01-97% | 80-95% 90-97% | 80-90%
Minimum Credit Score: 720 | 640 — 640
Reserves: Per DU | Per DU — Per DU
Maximum Loan Amount: $417,000 | $417,000 — $417,000
Maximum Ratios: Per DU | Per DU — Per DU
Borrower Funds: 3% | 3% — 5-10%
Appraisal: Per DU | Per DU — Per DU
Cash Out
# Primary: Second Home:
LTV: 85%+ | 80-85% 85%+ | 80-85%
Minimum Credit Score: — 640 — —
Reserves: — Per DU — —
Maximum Loan Amount: — $417,000 — —
Maximum Ratios: — Per DU — —
Borrower Funds: — N/A — —
Appraisal: — Per DU — —
High Balance – Purchase / R&T
# Primary: Second Home:
LTV: 90.01%+ | 80.01-90% 90.01%+ | 80.01-90%
Minimum Credit Score: — 740 — —
Reserves: — Per DU — —
Maximum Loan Amount: — $625,500 — —
Maximum Ratios: — Per DU — —
Borrower Funds: — Per DU — —
Appraisal: — Per DU — —