Application
Application for Pool and/or Primary Mortgage Insurance: 1-4 Family
Single Premiums for SONYMA Bond Financed Programs
| MIF Coverage | Loan to Value Ratio | Reduces Exposure To | Fixed Payment |
|---|---|---|---|
| 28% | 97.01 - 100% | 72% | 4.45 |
| 26% | 96.01 - 97% | 72% | 4.17 |
| 25% | 90.01 - 96% | 72% | 3.78 |
| 20% | 85.01 - 90% | 72% | 2.35 |
| 17% | 80.01 - 85% | 71% | 2.03 |
- Loans must fully amortize in 30 years.
- The "Reduces Exposure To" calculation is based on the highest Loan to Value Ratio in each category.
- 28% coverage is for Habitat for Humanity and Home of Your Own Programs only.
- Premiums are Non-Refundable.
*Note: Habitat for Humanity, Home of Your Own Programs, and if applicable, Low Interest Rate and Achieving the Dream Programs.
Monthly Premiums
| MIF Coverage | Loan to Value Ratio | Reduces Exposure To | Refundable Declining/Constant |
|---|---|---|---|
| 28% | 97.01 - 100% | 72% | 1.02 |
| 26% | 96.01 - 97% | 72% | 0.80 |
| 25% | 95.01 - 96% | 72% | 0.78 |
| 25% | 90.01 - 95% | 72% | 0.67 |
| 20% | 85.01 - 90% | 72% | 0.42 |
| 17% | 80.01 - 85% | 71% | 0.37 |
- Loans must fully amortize in 30 years.
-
Declining: The first year and the renewal rate for years two through term are the same. The annual rate is applied to the outstanding balance at the time of renewal.
- Constant: The first year rate and the renewal rate for years two through 10 are the same. The annual rate is applied to the original insured loan amount at the time of renewal. For years 11 through term, the rate is reduced to 0.20% for loans with Loan to Value Ratios exceeding 95%, and 0.19% for loans with Loan to Value Ratios of 95% and below.
- The "Reduces Exposure To" calculation is based on the highest Loan to Value Ratio in each category.
- No upfront payments are required. The first Mortgage Insurance payment is due the same month as the borrower's first Principal and Interest payment.
Annual Premiums
| MIF Coverage | Loan to Value Ratio | Reduces Exposure To | 1st Year Premium | Refundable Renewal Premium Declining/Constant |
|---|---|---|---|---|
| 28% | 97.01 - 100% | 72% | 1.60 | 0.47 - 0.47 |
| 26% | 96.01 - 97% | 72% | 1.50 | 0.45 - 0.45 |
| 25% | 90.01 - 96% | 72% | 1.05 | 0.49 - 0.49 |
| 20% | 85.01 - 90% | 72% | 0.45 | 0.34 - 0.34 |
| 17% | 80.01 - 85% | 71% | 0.30 | 0.34 - 0.34 |
-
Loans must Fully Amortize in 30 years.
-
Constant Renewal Premium is an annual rate applied to the original loan amount for years two through ten. For years 11 through term, the rate is reduced by 0.10%.
-
The "Reduces Exposure To" calculation is based on the highest Loan to Value Ratio in each category.