There are also programs available by the insurers that allow for the self-employed borrower unable to prove qualified income, to obtain mortgage financing under an Alt "A" program, who otherwise would not qualify under the traditional guidelines. Ask one of our Mortgage Edge consultants for more details on the Alt "A" program.

Extended amortizations of up to 35 years are also available to borrowers through the insurers at a slightly higher premium, which allows for greater affordability. Ask us for further details.

On occasion, a lender may require that a conventional deal be insured through the mortgage insurer, in which case the following premiums apply.

 

75.1-80% financing

65.1-75% financing

65% or less financing

0.65%

0.50%

Applicants should be careful to understand why a lender is insisting on insuring a transaction when the LTV is less than 80%, so that they are not being unnecessarily insured.