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Help members achieve their dreams without sacrificing your credit union's security.
Take the next step.
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Overview
Private mortgage insurance makes it possible for you to offer low down-payment, high loan-to-value mortgage loans to your members, while still protecting your credit union against the risk of defaults. The only mortgage insurance company servicing credit unions exclusively, CMG Mortgage Insurance Company delivers innovative homeownership solutions that can help you qualify more members for mortgage loans.
Advantages for your credit union:
- Enables you to compete successfully for member and non-member mortgage business.
- Helps you put more members into homes of their own while protecting your credit union against the risks of default.
- Reduces your portfolio's risk exposure and increases its salability on the secondary market.
- Gives you access to experienced loss mitigation services when delinquencies occur.
- Allows you to qualify more low-and moderate-income homebuyers - including valuable community assets like teachers, firefighters, law enforcement officers and medical emergency personnel.
- Minimizes your costs and enhances your efficiencies through advanced technology - so you can pass the savings on to your members!
Advantages for your members:
- Enables members with less than 20 percent of the purchase price for a down payment to still get financing.
- Allows homebuyers to avoid a second lien, which may be vulnerable to interest-rate fluctuations.
- Helps members buy a home sooner.
- Empowers members to buy "more" home - with more amenities, more square footage, or in a more desirable neighborhood.
- Allows qualified homebuyers to deduct their mortgage insurance premiums from their federal income taxes through 2010.*
- Offers homebuyers the opportunity to cancel borrower-paid mortgage insurance when certain conditions are met.**
* Based on transactions closed in 2007-2010, and member-paid mortgage insurance premiums allocable to those years. CMG Mortgage Insurance Company cannot provide tax advice. Taxpayers should consult their own tax advisors concerning applicability of the deduction to their particular circumstances under the Internal Revenue Code and the laws of any other taxing jurisdiction. This information is not intended or written to be used, and it cannot be used, for the purpose of avoiding U.S. federal, state or local tax penalties.
**Based on the federal Homeowners Protection Act, and any applicable state laws. Members should ask their Credit Union for details.
Take the next step:
Contact CMG Mortgage Insurance Company at 1-800-909-4264.
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