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FHA Comparison | FHA Comparison Calculator
Now There are Even More Reasons to Choose
CMG MI Vs FHA!
Looking for the best way to insure your Members? CMG Mortgage Insurance Company (CMG MI) offers a number of reasons why we’re a better choice than FHA.
You’ll see that CMG MI offers greater flexibility, convenience, and autonomy to Credit Unions in a number of important categories. FHA's requirements could impact your turnaround times and compromise your ability to satisfy your Member.
More Flexibility, More Efficiency, More Options from CMG MI:
- Wider choice of premium plans
- Rather than restricting higher loan limits to certain designated high-cost areas, CMG MI insures 97% LTVs up to $417,000 and 95% LTVs up to $625,500 in markets without guideline limitations*
- Streamlined review (faster process, fewer restrictions via electronic submission to CMG MI)
- Take advantage of more flexible servicing options offered by conventional financing
Check out a side-by-side comparison of our guidelines to see how CMG MI stacks up against FHA! You'll see why in many cases CMG MI is the clear winner when it comes to insuring high-LTV loans for Members with good credit profiles.
Use our FHA Comparison Calculator to run comparison scenarios for your individual Members.
*See guideline limitations by visiting the CMG MI Program Guidelines page.
FHA Announces New Pricing
Effective April 18, 2011, the FHA increased its monthly renewal premium from 90 bps to 115 bps for LTVs over 95%, and from 85 bps to 110 bps for LTVs up to 95%. Upfront premium remains unchanged at 100bps.
Expand Your Options
In most cases, CMG MI’s pricing is more competitive for members and we offer so much more - flexible payment plans, easy-to-use tools, highly rated training offerings and risk management guidance.
Let's do some quick calculations
It might surprise you to learn how much you can save by using CMG MI's EZ Monthly or Single rate plans.
1 FHA and CMG MI scenarios assume upfront MI is not financed. Premium based on 95% LTV, 30-year, fixed-rate, fully amortizing, primary residence, purchase transaction, single-family dwelling and loan amount ≤ $417,000.
Balance Your Risk
Today's industry challenge is a balancing act between growing volume and managing risk. Here are some ways we can help you strike an appropriate balance between CMG MI and FHA for your members.
Save Your Members Thousands over FHA
- CMG MI's EZ Monthly saves cash at closing, with no upfront premium required
- CMG MI's Single Premium has no monthly renewal premiums, with a very attractive one-time payment
Ease of Use
- e-cmgmi, our secure and easy-to-use Origination system, accepts both Delegated and Non-Delegated loans and delivers instant alerts on guideline variances.
- CMG MI's RateQuote includes virtually all CMG MI eligibility guidelines and helps you get the right MI plan for your members by comparing up to 5 CMG MI payment plans.
Education
CMG MI’s Webinars offer a comprehensive staff training overview on key underwriting and appraisal topics, highly rated by customers and industry observers. Complimentary to Credit Unions.
Risk Management Guidance and Market Intelligence
CMG MI is able to give customers access to valuable industry resources, such as PMI Mortgage Insurance Co.'s Economic and Real Estate Trends (ERET Report) and the Housing and Mortgage Market Review (HaMMR). |