Is PMI available with owner financing?

jshnovak · Joined: 06 Dec 2007 Posts: 1 1.27 Dollars($)

We are selling a house with owner financing, and are looking for ways to protect ourselves. Is a PMI policy available under these circumstances? What else can we do?

shane · Posted: Thu Dec 06, 2007 4:22 pm Post subject:

You can protect yourselves by having your owner financing deed/mortgage written by an attorney, giving you rights to foreclose upon payment default, etc. To my knowledge PMI companies only work with institutional lenders.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi jshnovak,

Welcome to this forum.

I think the buyer can buy a Private Mortgage Insurance even with owner financing. It will protect you if the buyer defaults in his payments. You should contact with you insurance agent. He can guide you better.

Thanks,
Larry

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