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Premium Plans and Products
The lack of funds for a down payment is the greatest barrier to homeownership for many Members. CMG MI has developed premium plans and mortgage insurance products that can help Members to purchase homes with a smaller down payment, as well as refinance an existing mortgage.
CMG MI is strongly committed to supporting sustainable, long-term homeownership through its mortgage insurance products.
CMG Single Premium Plan
Premium may be financed into the loan amount at closing. Interest on entire loan balance may be tax deductible*. Excellent alternative to "Piggyback" (or 80-10-10) product.
New* - CMG MI's Super Split Premium
CU 3/2 Advantage
The Member contributes 3% toward the down payment, with another 2% contribution in the form of a gift, grant, or down payment assistance from an eligible source.
Monthly Plan
Members pay a monthly premium, rather than the higher up-front cost of an annual plan. The first payment is due at closing.
EZ Monthly Plan
Premiums paid on a monthly basis. Requires no payment at closing; members make their first monthly premium payment when their first mortgage payment is due.
Level Annual Plan
Members pay initial premium up-front and renewal premium annually. Initial and renewal premium rates are equal.
Other Products
CMG MI also offers coverage for eligible Manufactured Housing, Rehab and Cash-Out Refinance loans. Learn more.
*Members are advised to consult their tax advisors.
For more information, contact your CMG MI Account Executive, or call CMG Mortgage Insurance Company at (800) 909-4264. |