Could Obtaining Private Mortgage Insurance (PMI) Help Me Qualify for a Larger Loan?

Yes, it will help you obtain a larger loan, here’s why. Let's say that you are a family with $42,000 Annual Gross Income and monthly revolving debts of $800 for car payment and credit cards, and you have $10,000 for your down payment and closing costs on a 7%-interest mortgage. Without PMI the maximum price you can afford is $44,600, but with PMI covering the lender's risk you now can buy a $62,300 house. PMI has afforded you 39% more house.

By pressing “Submit,” you consent to receive text messages from Infinity Lending Direct Inc. Messaging frequency varies. Message and data rates may apply. Expect important notifications about our services, updates on upcoming meetings, and replies from your dedicated representative. You can opt out at any time by replying "STOP" or send "HELP" for more info to any message. For more information, please read our Terms of Service and Privacy Policy.