LOW DOWN PAYMENT SOLUTIONS

You don’t have to wait until you’ve saved 20% to buy a home of your own. Today, there are more options than ever for borrowers without a large down payment.

• Why Does 20% Down Matter?

If you put down less than 20% on your home, your lender must take a higher risk on your loan. The lender will cover that risk, either by

1. insuring against the risk until your equity reaches 20% using some form of mortgage insurance (MI) or
2. by charging a higher interest rate for a second mortgage on the loan portion over 80% (combo loans)

• Benefits of Mortgage Insurance

Mortgage Insurance, or MI, makes it possible for you to get into a home sooner. There are many varieties of coverage available. Learn how Mortgage Insurance can jump start homeownership.

• Mortgage Protection Products

Genworth’s new line of mortgage protection products can get you into your first home with little money down, and make sure you stay there, even if you lose your job!