If the down payment on your home is less than 20% of the price of your home, your lender may suggest a few financing alternatives. Conventional loans with private mortgage insurance and FHA loans both allow for low down payments. However, a loan with mortgage insurance provides significant benefits for borrowers that an FHA loan may not provide. Compare your options using the chart below:
Compare Mortgage Insurance
Feature | Genworth MI | FHA Loan |
---|---|---|
Low down payment | ||
Lowest monthly payment | ||
MI cancellation on appraised value | ||
Simple paperwork | ||
Easier to qualify with credit scores down to 620 | ||
Homeowner Assistance Program: Help for homeowners with financial difficulties. | ||
Homebuyer Privileges: Savings on the things you need for your home |
Go to /content/dam/Americas/US/PDFs/Consumer/Product/mortgage-insurance/GENERAL MARKETING- Cancellation Flier.pdf
MI Cancellation

Understanding disclosure and cancellation procedures.