Florida Mortgage Insurance Program Meant to Help First-Time Buyers

The Florida Housing Finance Corp. Friday announced a new program to help first-time home buyers in the Sunshine State receive lower Florida mortgage payments.
Florida Housing joined forces with mortgage insurance providers MGIC, Genworth Financial, PMI Mortgage Insurance Co. and AIG United Guaranty to offer at least $100 off monthly mortgage insurance payments to qualified home buyers.

The program is expected to help buyers who have been priced out of home ownership because mortgage insurance costs are more than $300 a month. Private mortgage insurance protects a Florida mortgage lender if a borrower defaults on the loan and is often required for home buyers who have less than a 20 percent down payment.

“Through this new mortgage insurance reduction program, home buyers can increase their purchase power, qualify for a loan sooner and establish long-term fixed mortgage payments they can afford,” said Stephen Auger, Florida Housing executive director, in a prepared statement.

Potential home buyers with household incomes up to $57,400, or those who participate in a Florida Housing pre-purchase home buyer education course, can qualify for the reduced insurance program.

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