Private Mortgage Insurance

Private Mortgage Insurance

What Is Private Mortgage Insurance (PMI) and Why Is It Required?   Many homebuyers will encounter private mortgage insurance when purchasing a home with a conventional loan.  Find out what private mortgage insurance is and how to avoid it.   What is Private Mortgage Insurance? Private mortgage insurance, or PMI, is a type of mortgage insurance used with conventional loans that protects the lender against loss if a borrower defaults on their loan.  Private mortgage insurance does not protect the borrower.  While PMI only applies to conventional loans, FHA loans have their own mortgage insurance with different requirements. When is PMI...Read more
California Mortgage Programs & Downpayment Assistance

California Mortgage Programs & Downpayment Assistance

Looking for a California Mortgage Program?  Learn about CalHFA Mortgage Programs and Downpayment Assistance. California has some really impressive programs to make the purchase of a home more approachable for working class families.  The California Housing Finance Agency, or CalHFA, is one of the premier agencies providing assistance for first-time homebuyers. What is CalHFA? The California Housing Finance agency was established in 1975 as the State’s affordable housing bank to make low interest loans through the sale of tax-exempt bonds.  CalHFA is a completely self-supporting State agency, and its bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars. ...Read more