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Split Premium Payment Option
CMG MI's Single Premium Plan
Single Premium is a mortgage insurance plan based on a one-time premium charge that can either be paid up-front or, under certain circumstances, financed into the loan amount (so no cash is needed at closing). There’s no ongoing billing and no premium servicing required, so right away Single Premium is the easiest option for your Credit Union and your Member.
- 95% LTV to $417,000 – minimum 660 loan score
- 90% LTV to $625,500 – minimum 700 loan score
- 90% LTV to $729,750 – minimum 720 loan score
- 85% LTV to $729,750 – minimum 700 loan score
- Ineligible: Second Home and Investment Property - Maximum seller contributions of 3% on LTVs greater than 90%
Please see our Single Premium rates for more information.
CMG MI's Single Premium is the Most Effective Way to Achieve Homeownership …
- Can save Member thousands on MI premium over the life of the loan
- Faster processing with minimal paperwork, no renewal premiums and no billing
- Refundable – when Member cancels the loan, he or she gets a refund*
- Non-refundable – Member benefits from lower MI premium (refundability options vary where restricted by state law)
- Interest paid on premium is tax-deductible**
… And the Most Efficient Option for Your Credit Union:
- Available for jumbo loans
- Available for condos and 2-unit properties
- Protects against Member default if loan is kept in portfolio
- No premium renewals with MI premium paid up-front – meaning no billing!
- No need to escrow MI payments
Learn more by visiting our Guidelines page.
* MI is cancellable under certain conditions. Visit www.cmgmi.com/micancellation to learn more.
** Under certain circumstances, the interest on Single Premium may be tax-deductible. Please visit www.cmgmi.com/mitaxdeductibility for more information.
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