Historically, the 20% down payment has been a big hurdle for many first-time homebuyers. You can help more renters become buyers when you think of MI as a tool that can help them become homeowners instead of waiting on the sidelines.

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MI helps first-time homebuyers buy sooner

College grad Isaiah has some money saved up, but he doesn’t know much about the homebuying process. He’s not sure if he’d be better off buying or continuing to rent.

See how Isaiah used MI to become a homeowner sooner and build more equity

Young man using a laptop

Buy now or wait and save? Help them do the math!

Show your borrowers the possibilities with our Buy Now vs. Wait calculator.

Run the numbers!

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MI helps expand house-hunting options

Help your borrowers break into new neighborhoods and new price points with the power of MI! It’s a big accomplishment to save up $15,000 for a down payment. But if your borrowers put 20% down, they would only be able to afford a $75,000 home. Private MI can offer your borrowers increased buying power and expand their home search, allowing them to consider a wider range of home prices and available homes for sale — assuming, of course, that they can afford the higher monthly payment that accompanies the larger home price.

MI when your borrowers need it — not when they don’t

Private MI can usually be canceled when the loan either reaches the cancellation point due to amortization of the original loan amount, or the borrowers request cancellation based on an increase in their home value due to appreciation or home improvements. For many borrowers, that may be an advantage over an FHA loan. FHA typically doesn’t allow borrowers to cancel the monthly MI payment unless they put down 10% or more.

MI cancellation gives you an additional opportunity to stay connected to your borrowers. They’ll thank you when you get in touch to notify them they may be able to cancel! Get more details on MI cancellation.

Interested in learning how you can use MI Solutions with referral partners?

Contact your MGIC representative

More tools to use with first-time homebuyers

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    Host a seminar

    Attract and build relationships when you host your own homebuyer seminar in English or Spanish. We provide everything you need.

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    Calculators

    Demystify the math and show potential borrowers how homeownership can be attainable.

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    Readynest

    Tips, tools and stories for homebuyers.

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