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 |
