Private Mortgage Insurance (PMI)
PMI rates and costs are based upon these factors:
- Loan to Value
- Product and term
- Credit
- Property type
Guidelines:
- Loan to Value:
Florida: Up to 95% LTV available for qualified borrowers.
Out of State: Up to 95% LTV available for qualified borrowers for the purchase or refinance of a primary residence only.
- Not available on Second / Vacation Homes or on cash out refinances in Florida.
- Not available for construction loans.
- Maximum loan amount $417,000.
- Escrow for property taxes and hazard insurance required. This means your monthly payment may increase based on the changes to your annual property tax and hazard insurance amounts.
- Borrower must have a minimum 2 year employment history. This also applies to self-employed borrowers.
- Co-makers are allowed with restrictions. Please contact the Mortgage Contact Center at 1-800-999-5887 extension 86391 for details.
- 5% of your own funds are required towards your down payment. Additional down payment amounts can be in the form of a gift from an immediate family member (spouse, parent, stepparent, legal guardian, grandparent, brother, sister, or child) or fiancé.
- Seller can contribute a maximum of 6% towards pre-paid amounts and closing costs.
**Restrictions may apply to co-makers and reserve requirements. Please contact the Mortgage Contact Center for additional information at 1-800-999-5887 extension 86391.
Normal underwriting guidelines apply. Terms or conditions may change without notice.