"This includes the characterization of private mortgage insurance, which helps first-time buyers and working families become homeowners years sooner and reduces the cash due at the closing table by tens of thousands of dollars. Prospective homebuyers deserve the facts and the full picture of what private mortgage insurance (MI) may mean for them. Looking at the facts rather than the myths will help real estate agents and the prospective homebuyers they serve make the best decisions when it comes to their home financing needs."
"Private MI allows individuals to access homeownership with a down payment of as little as 3%, providing a path off of the sidelines and into a home years sooner than otherwise would be possible. This can be particularly helpful for first-time and working-class buyers, who may find it challenging to save for a 20% cash down payment. In 2024, approximately 65% of those who used private MI were first-time homebuyers, and nearly 35% had annual incomes below $75,000."
Private mortgage insurance (MI) enables working- and middle-class families to obtain mortgages with down payments as low as 3%, reducing cash due at closing by tens of thousands of dollars. Nearly 40 million homeowners have used private MI to purchase or refinance since 1957, and more than 800,000 borrowers became homeowners with private MI last year. Approximately 65% of 2024 private MI users were first-time buyers and nearly 35% had annual incomes below $75,000. Saving a 20% down payment at the 2024 median sales price could take the typical household decades, while private MI offers a faster path to homeownership.
Read at www.housingwire.com
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