Austin, Texas-based 360 Mortgage Group is now offering a new No Mortgage Insurance Loan – or ‘NOMI product’ – to borrowers purchasing a home.
According to the company, the NOMI product offers borrowers with a less than 20% down payment the opportunity to avoid mortgage insurance payments without interest rate adjustments or other price inflations. The product is available to borrowers with a minimum 740 FICO score and a maximum loan-to-value ratio of 95%.
‘This unique product provides borrowers with an opportunity to benefit from low interest rates without having to pay mortgage insurance,’ says Mark Greco, president and founder of 360 Mortgage. ‘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. 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.’