May the 10 percent guarantee be used to decrease the coverage required by PMI?
No Please email us at finallyhome@treasurer.state.il.us if you need further information or clarification. May I also use the program to refinance an existing mortgage? Yes. Please refer to the program guidelines for the list of specific circumstances where the Treasurer’s guarantee may be used to refinance an existing mortgage. The borrower must also be able to demonstrate that he or she can continue or resume making mortgage payments. Your lending institution will make the final determination, using the program guidelines and any underwriting guidelines used by your institution, as to whether the borrower demonstrates the reasonable ability to repay the loan. May I use the program to perform a loan modification? Yes. The homeowner must meet the same criteria as those used for refinancing loans. May we make a second mortgage through the Finally Home program? No. Currently, all loans guaranteed through the Finally Home program must be on a first mortgage. You may not split the mortgage
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- May the 10 percent guarantee be used to decrease the coverage required by PMI?
