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No M.I. Up to 95% LTV

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A new wholesale offering enables mortgage brokers to offer purchase financing at loan-to-value ratios up to 95 percent with no mortgage insurance.

On typical conventional agency loans, borrowers who are looking for an LTV in excess of 80 percent to finance a home purchase are required to obtain private mortgage insurance.

Some lenders are able to avoid mortgage insurance premiums on loans with LTVs above 80 percent by adding on a pricing adjustment and increasing the interest rate.

But 360 Mortgage Group claims that it is the first lender to offer a no mortgage insurance loan — or NOMI — without interest rate adjustments or other price inflations.

“Many lenders currently offer a NOMI-type product, but add on a pricing adjustment that increases the borrower’s interest rate and overall cost of owning a home,” Marc Greco, president and founder of the Austin, Texas-based company, said in an announcement Wednesday. “Our NOMI product will give mortgage brokers the opportunity to help home buyers save thousands of dollars annually and realize the dream of sustainable homeownership.”

The program is only available to finance the purchase of an owner-occupied property, the six-year-old company said. The minimum FICO credit score is 740.

A spokesman for 360 Mortgage indicated that while it will fund the loans, they will ultimately be sold to Fannie Mae.

The company declined to provide origination data.

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