|
Split Premium Payment Option
CMG MI's Single Premium Plan
Popular MI Plan’s Expanded Guidelines Mean More Opportunities
for your Credit Union and your Member!
Single Premium is a mortgage insurance plan based on a one-time premium charge that can either be paid up-front or 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.
Single Premium Has Been Updated to Offer Even More Advantages
Have the Seller Pay for Your Member’s MI Premium!
CMG MI has expanded our Single Premium guidelines to allow you to utilize Seller concessions to pay for the Member’s MI premium and, in some situations, the closing costs as well. We allow up to 6% on Seller concessions on LTVs up to 95% to help you qualify more Members for a mortgage loan:
- 95% LTV to $417,000 – minimum 680 loan score
- 90% LTV to $625,500 – minimum 680 loan score
- 90% LTV to $729,750 – minimum 700 loan score
- 85% LTV to $729,750 – minimum 680 loan score
Note: Seller concessions may be limited by lender or GSE guidelines. CMG MI Distressed Markets Policy may apply.
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:
- Lower FICO® requirement means more members can qualify
- 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!
- GSEs are willing to buy Single Premium loans up to 95% LTV, CLTV 97% (but may limit concession to 3%)
- No need to escrow MI payments
Learn more by visiting our Guidelines page. CMG MI offers a Split Premium payment option for this product as well.
* 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.
Back to Premium Plans and Products |