HELPING BORROWERS LOWER THEIR MONTHLY MORTGAGE PAYMENT BY ELIMINATING MORTGAGE INSURANCE ON LOANS WITH A HIGHER LTV (Loan To Value) – 80.01–89.99%
MI Buster is to eliminate the need for mortgage insurance for qualified borrowers with an LTV between 80.01–89.99%. That means you as a borrower can avoid mortgage insurance with less money down (as little as 10.01%), allowing you to afford more home or enjoy a lower monthly payment. Qualified homeowners can use MI Buster to refinance and drop their existing MI to lower their monthly payment.
MI Buster is available for purchases and rate/term refinances for loans starting at $200,000 on primary or second homes. Plus, take advantage of MI Buster High Balance for loans over conforming county loan limits.
MI BUSTER
- Conventional 30-year fixed only
- Available for primary and second home for purchases and rate/term refinances
- LTV between 80.01 and 89.99%
- Up to 45% DTI (Debt To Income) Ratio
- 680+ FICO
- Loan amounts starting at $200,000
- MI Buster High Balance available for loan amounts over the county loan limits
ELIGIBILITY
- Purchases and Rate & Term Refinance
- 30 year fixed only – no flex term
- Down Payment of 10.01-19.99%
- High Balance available
- Loan amounts from $200,000 up to county limits
- Primary or Second Homes
- Only on One-Unit properties
- Up to 45% DTI –Debt To Income Ratio
- 680+ FICO
- No appraisal waivers
- Conventional and High Balance
BENEFITS
- Borrowers avoid monthly MI without having to put 20% down
- Lower monthly payments
- Borrowers get more buying power and increased flexibility
- Tax benefits
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