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Washington-GE Capital Mortgage Corp., Raleigh, N.C., has expanded its 97% loan-to-value mortgage insurance program for cash-strapped homebuyers so that participating lenders can finance the remaining 3% downpayment, plus counseling services, through the payment of a one-time 50 basis point delivery fee.
The improvement in GE's existing "cashsaver" program (first announced in October) comes with the support of the National Association of Housing Partnerships, which will provide homeownership counseling as well as early default intervention.
"This alliance broadens the availability of our highly successful CashSaver product line while also providing additional benefits to homebuyers and streamlining operations for lenders," said GE senior vice president Warren Raybould.
As outlined by GE officials...