Not all Buyers have the 20% down payment or VA entitlement that will help them avoid private mortgage insurance (MI). The monthly payment for MI can really be a disappointment for the budget conscious Homebuyer.
One option that is often overlooked, and not offered by all lenders, is financed MI. This option allows the buyer to convert the MI to a set dollar amount that is then added to the loan. The resulting payment is much lower. This also will enable the buyer to qualify for a higher sales price.
Central Pacific Bank offers financed MI as an option and always looks for the best possible financing plan for, and the best rate, for your buyer.
—Central Pacific Bank, Equal Housing Lender