This reduces the size of their monthly payments (and the total amount paid overtime) in two ways — by getting a lower interest rate, and by removing the need for mortgage insurance. (homebuyinginstitute.com)
This is why 80-10-10 loans eliminate the need for mortgage insurance. (themortgagereports.com)
Another strategy that could help you increase your budget a little is to finance your home with a first and second mortgage to eliminate the need for mortgage insurance. (themortgagereports.com)