There are also programs available by the insurers that allow for the self-employed borrower unable to prove qualified income, to obatin mortgage financing under an Alt "A" program, who otherwise would not qualify under the traditional guidelines. Ask one me for more details on the Alt "A" program.
Extended amortizations of up to 35 years are also available to borrowers through the insurers at a slightly higher premium, which allows for greater affordability. Ask me for further details.
On occasion, a lender may require that a conventional deal be insured through the mortgage insurer, in which case the following premiums apply.
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Conventional Insured (LTV) |
Insurance Premiums |
Applicants should be careful to understand why a lender is insisting on insuring a transaction when the LTV is less than 80%, so that they are not being unnecessarily insured. |
