Lower monthly payments
For those borrowers with good FICO® scores, National MI can still deliver lower monthly payments over an FHA loan.
We also offer a wider range of payment options than FHA, including monthly or single premium options, paid by the lender or borrower.
Lower Monthly Payment:
Borrower-Paid Monthly MI (BPMI)
Conventional Loan with National MI Rates vs. FHA
|740 - 759|
|720 - 739|
|700 - 719|
|680 - 699|
|660 - 679|
|640 - 659|
National MI Rates FHA
- Premium rates assume a 30 year fixed rate, primary residence, $400,000 purchase price, 2 borrowers, not self-employed, 760 FICO®. Premium rates are as of 2/24/2023, are for illustrative purposes, and are subject to change.
- FHA premiums are based on FHA rates effective 3/20/2023. Please visit www.FHA.gov for further details.
FICO® is a registered trademark of Fair Isaac Corporation.
No upfront payment requiredWith FHA, upfront payment is folded into the loan amount, chipping away at a borrower’s equity.
Cancellable at least 6 years sooner than FHA
|> 90% LTV||78% LTV (average 7-10 year term)||Not cancellable|
|≤ 90% LTV||78% LTV (average 5-7 year term)||Cancellable after 11 years|
Less cash to close
We insure loans with just 3% down, while FHA requires a minimum 3.5% down payment. The time it takes for a borrower to save the additional funds could delay home ownership.
We provide a faster path to closing more loans
- No need for FHA case numbers
- No need for special Direct Endorsement (DE) underwriters
- No need for approved appraisers
- No burdensome extra paperwork or package preparation