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Insure 97s with Arch MI

Capture More 3% Down Business for Standard and
HomeReady Programs!

Effective immediately, Arch MI can help you close more deals for first-time homebuyers with 3% down payments.

Credit Union

Occupancy: Owner-Occupied
Loan Purpose: Purchase & Rate/Term Refinance
Property Types: 1-Unit Single Family, Condo, Co-op1
Loan Products: ARM ≥ 3 Year fixed period2
Fixed Rate
LTV/CLTV 97%/97%
DPA/HFA: 97%/105%
FICO EZ DecisioningSM: 620
Standard: 680
DTI EZ Decisioning: As determined by DU/LP
Standard Program: 45%

1Only eligible under EZ Decisioning program guidelines
2Eligible under EZ Decisioning if DU Approve/Ineligible or LP Accept/Ineligible for loan product type

Arch MI-Insured 97s Save Your Borrowers Money

Offer your first-time homebuyers a lower-cost home finance alternative with Arch MI mortgage insurance. Under the new guidelines, a conventional 97 insured with mortgage insurance may make more financial sense than an FHA loan for many of your borrowers.

Arch MI offers an Online Homebuyer Education Course that fulfills the GSE requirements. For more information, please click here.

Arch MI’s Monthly* vs. FHA†

 

Standard Coverage: 35%

HomeReady Charter Coverage: 25%

FHA

Credit Score

740+

700+

740+

700+

 
Upfront Premium

0

0

0

0

175

Monthly Renewal

75

82

57

61

85

Total MI bps over 5 yrs

375

410

285

305

600

*Arch MI premium based on 30-year, fully amortizing, fixed-rate loan, 97% LTV, primary residence, purchase transaction, single-family dwelling and loan amount ≤ $417,000 underwritten through our EZ DecisioningSM Program Guidelines. Investor limitations may apply. Check for applicable restrictions.

† Please note: Lenders are encouraged to check applicable GSE delivery fees and Loan Level Price Adjustments.