Fit For You Financing: Private Mortgage Insurance

May 15, 2023

Attention all first-time homebuyers!

Private Mortgage Insurance – or PMI – lowers the lender’s risk, so buyers can qualify for a higher loan option. Typically, borrowers making a down payment of less than 20% of the purchase price will need to pay for PMI.

The amount of PMI depends on 3 things:

Down payment value
Credit rating
Income

Once you have gained 20% equity, you may request to end PMI. PMI enables you to purchase a home with as little as 3% down for qualified buyers.

We recently closed on a home for a family in Willie and Willie's Kaden Creek neighborhood. The value of their home increased by $15,000 because as a new neighborhood builds out, home value typically rises. Once this home buyer gains 20% equity – the difference between home value and loan amount – they may request out of PMI.

A buyer may pay PMI upfront in a lump sum, monthly, or subscribe to lender-paid PMI. Contact me to review your PMI lending options.

< Older Post

Newer Post >

Cane Mill Crossing Buyers Can Receive $8,000!

By Debbie Walker • May 22, 2024

Willie and Willie Homebuilders is excited to announce an $8,000 incentive for potential buyers in our Cane Mill Crossing neighborhood. You can use this $8,000 incentive toward closing costs, prepaids, and/or interest rate buy down on any available home or presale in our Cane Mill neighborhood. This offer is exclusively available when using Willie and Willie’s preferred lender, The West Team. Down payment assistance programs are available with FHA, VA, and Conventional Loans (restrictions apply) when using Willie and Willie’s preferred lender - The West Team. For more information, contact: Tracy West The West Team (225) 235-6632 twest@lower.com