mortgage insurance hsbc
Is anyone familiar with the CRA program and / or Mortgage Guaranty Insurance Co.?
I have a FICO score above 800. 1 buyer of the house time. Putting 20% down payment. HSBC Bank said it would be a perfect candidate for a CRA program offering …. MGIC. The HSBC mortgage consultant offered me a lower rate Chase and Wells Fargo with 0 points. What is the catch, if any? I read on the site of MGIC. Not sure if I understand correctly, but it seems as if I ever decide to sell the house, the buyer's bank must also be affiliated with CRA / MGIC or rather, the buyer must also be a candidate for this program that should be a low income family. Is this correct? Anything else is tired with me about this program?
Sorry – But this seems a little fishy – If you are putting 20% down, then you should not need mortgage insurance. You need to get a better explanation of what they are getting from MGIC and HSBC before putting any money into this program.
HSBC Insurance
