Private mortgage insurance (commonly referred to as “MI”) allows a lender to offer a mortgage even if the down payment is less than 20% of the home’s value. MI protects the lender against a loss if the buyer defaults on their mortgage payments.
What are gift funds?
Gift funds are funds received from a relative or other qualified donor that can be used to fund all or part of the down payment on a home, cover closing costs or to fund a borrower’s required financial reserves.
What is Loan-to-Value Ratio?
The loan-to-value (LTV) ratio is used by a lender to assess the potential risk that a borrower could default on a mortgage loan. The LTV ratio is calculated by dividing the loan amount by the property value. A higher LTV is generally considered higher risk.
Property Taxes & Insurance
When considering this cost, include property taxes, homeowners insurance and flood insurance (if applicable). We’ll calculate the mortgage insurance for you. Did you know mortgage insurance may be tax deductible? Learn more
Total payment includes principal, interest, taxes and insurance (PITI) and HOA fees, where applicable.
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Purchase now with 3% down
and Essent Mortgage Insurance
You need at least 3% down to qualify for a loan with Essent Mortgage Insurance.