(BPT) - Many aspiring homebuyers know that saving for a 20% down payment can be a major hurdle to homeownership. As nearly 40 million homeowners can attest, however, private mortgage insurance (MI) allows for as little as 3% down to qualify for home financing sooner. U.S. Mortgage Insurers (USMI) that the private MI industry supported more than 800,000 low down payment borrowers in 2024 alone.

"Private MI is one of the most powerful financial tools available to homebuyers today since it can put homeownership within reach much sooner, giving buyers additional years of wealth-building," said Seth Appleton, president of USMI.

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