The mortgage insurance subsidiary of Mortgage Guaranty Insurance Corp. has expanded its 97 percent loan-to-value program.
Currently, only first-time homebuyers qualify for MGIC’s 97 percent LTV program.
But that changes next week.
In Bulletin No. 06-2010, the Milwaukee-based company said it will expand the high-LTV program to both first-time homebuyers and current or previous homeowners.
The expanded policy impacts mortgage insurance applications received on or after Nov. 1.
MGIC said 97 percent LTVs are only available for conforming purchase transactions in non-restricted markets. The minimum credit score is 700.
