National MI in New Pact With CalHFA

Jul 15, 2019

National Mortgage Insurance Corp. (National MI), a subsidiary of NMI Holdings Inc., has received approval to provide private mortgage insurance on conventional mortgage loans backed by the California Housing Finance Agency (CalHFA), effective Sept. 5.

CalHFA works with approved mortgage lenders to offer low interest rate loans to low- to moderate-income homebuyers in California, while its single-family division provides first mortgage loans and down payment assistance to first-time homebuyers who meet specific requirements. Last year, CalHFA helped more than 11,000 low- and moderate-income residents buy their first homes, the highest one-year volume in its 44-year history.

“National MI is thrilled to begin working with CalHFA and its approved lenders in our home state of California, especially at a time when affordability has become such a challenge for would-be homebuyers in California,” said Mike Dirrane, chief sales officer and senior managing director with Emeryville, Calif.-based National MI. “Our approval with CalHFA also furthers our mission of expanding homeownership opportunities to deserving borrowers.”

Dirrane, who is also the chairman of MassHousing, a Boston-based affordable housing agency for the state of Massachusetts, added, “I know the great benefits that state agencies like CalHFA offer low-to moderate-income first-time homebuyers.”

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Phil Hall

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Jul 15, 2019

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