Ways to Reduce Your Mortgage Down Payment

A recent survey asked 2,700 borrowers and more than 1,000 loan officers, brokers and realtors across the country to identify what mattered most to low down payment borrowers who were buying a home.

The answer? Low monthly payments, followed by tax deductibility, simplicity, easy cancellation and consumer benefits.

Responding to those results, a major U.S. insurance company is providing a new option to reduce monthly payments for first-time and low income homebuyers looking for a low down payment mortgage.

Called HomeOpeners, the products allow borrowers to choose a mortgage insurance solution that best fits their individual financial situations.

Options include lower monthly payments than conventional mortgage insurance and so-called 80-10-10 "piggyback" loans, cash back at closing and potential tax advantages. In addition, all HomeOpeners products provide the borrower with two years of involuntary unemployment protection.

Genworth Financial introduced the new product line to meet the specific needs of low down payment borrowers.

According to Lewis Fain, Senior Vice President, Marketing and Strategic Development for the company's mortgage insurance business, "Down payments and closing costs are the single greatest barrier for low- and middle-income homebuyers. But low down payment loans often mean higher mortgage payments."

With HomeOpeners, homebuyers save about $40 to $50 monthly on a typical $150,000 loan insured with conventional mortgage insurance or by the FHA.

In addition, the job-loss protection feature provides real peace of mind to borrowers in today's uncertain economic times. All HomeOpeners loans include insurance that covers mortgage payments up to $2,000 a month for six months.

There are three HomeOpeners options:

• PaymentPlus, which provides a low monthly payment and two refund options

• CashPlus, which gives cash-strapped buyers a competitive monthly payment and cash back at closing, and

• PointsPlus, which combines the lowest monthly payment with the potential for a significant tax deduction.

To learn more, call Genworth Financial at 1-800-444-5664 or visit www.gemortgageinsurance.com.

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