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Does the Hero Program require Private Mortgage Insurance (PMI)?

April 26, 2017hero PMI private mortgage insurance program require

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Does the Hero Program require Private Mortgage Insurance (PMI)?

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Yes, if the borrower is not putting 20 percent down, which conventional loans require. But the HERO program allows the borrower to pay for the PMI with a single-payment premium option that eliminates the monthly PMI payment, making the HERO program one of the most affordable conventional mortgage loans available. Where do I Apply? HERO is available through a statewide network of MFA-approved lenders. The lender will coordinate your mortgage loan directly with MFA.