Private MI: Helping millions of Americans become homeowners each year
Over the past 65 years, MI has helped more than 35 million home-ready borrowers across the country access affordable low down payment home financing while protecting lenders and taxpayers.
Private MI helped more than 2 million people become homeowners in 2020 alone. USMI’s annual report breaks down low down payment mortgage lending with MI in all 50 states and the District of Columbia. The report provides an analysis of how long it would take homebuyers to save for a 20 percent down payment compared to a 5 percent down payment.
Click below to read the 2021 report:
Click on the map below to find out more about MI in each state and how MI has made it possible for many borrowers to get into homes sooner.
Alabama
26,860 Homeowners Helped in 2020
42% First-Time Homebuyers in
$239,588 Avg. Loan Amount Purchased/Refinanced with PMI in
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
42% First-Time Homebuyers in
$239,588 Avg. Loan Amount Purchased/Refinanced with PMI in
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Alaska
4,066 Homeowners Helped in 2020
47% First-Time Homebuyers in
$317,569 Avg. Loan Amount Purchased/Refinanced with PMI in
19 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
47% First-Time Homebuyers in
$317,569 Avg. Loan Amount Purchased/Refinanced with PMI in
19 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Arizona
66,145 Homeowners Helped in 2020
54% First-Time Homebuyers in
$293,303 Avg. Loan Amount Purchased/Refinanced with PMI in
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
54% First-Time Homebuyers in
$293,303 Avg. Loan Amount Purchased/Refinanced with PMI in
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Arkansas
15,230 Homeowners Helped in 2020
44% First-Time Homebuyers in
$221,068 Avg. Loan Amount Purchased/Refinanced with PMI in
15 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
44% First-Time Homebuyers in
$221,068 Avg. Loan Amount Purchased/Refinanced with PMI in
15 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
California
160,103 Homeowners Helped in 2020
70% First-Time Homebuyers in
$435,946 Avg. Loan Amount Purchased/Refinanced with PMI in
40 Years to Save for 20% Down payment VS 14 Years for 5% Down Payment
70% First-Time Homebuyers in
$435,946 Avg. Loan Amount Purchased/Refinanced with PMI in
40 Years to Save for 20% Down payment VS 14 Years for 5% Down Payment
Colorado
56,204 Homeowners Helped in 2020
60% First-Time Homebuyers in
$365,243 Avg. Loan Amount Purchased/Refinanced with PMI in
32 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
60% First-Time Homebuyers in
$365,243 Avg. Loan Amount Purchased/Refinanced with PMI in
32 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Connecticut
22,752 Homeowners Helped in 2020
66% First-Time Homebuyers in
$280,458 Avg. Loan Amount Purchased/Refinanced with PMI in
19 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
66% First-Time Homebuyers in
$280,458 Avg. Loan Amount Purchased/Refinanced with PMI in
19 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Delaware
4,939 Homeowners Helped in 2020
75% First-Time Homebuyers in
$484,414 Avg. Loan Amount Purchased/Refinanced with PMI in
46 Years to Save for 20% Down payment VS 16 Years for 5% Down Payment
75% First-Time Homebuyers in
$484,414 Avg. Loan Amount Purchased/Refinanced with PMI in
46 Years to Save for 20% Down payment VS 16 Years for 5% Down Payment
District of Columbia
7,529 Homeowners Helped in 2020
47% First-Time Homebuyers in
$287,896 Avg. Loan Amount Purchased/Refinanced with PMI in
19 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
47% First-Time Homebuyers in
$287,896 Avg. Loan Amount Purchased/Refinanced with PMI in
19 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Florida
130,800 Homeowners Helped in 2020
55% First-Time Homebuyers in
$276,232 Avg. Loan Amount Purchased/Refinanced with PMI in
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
55% First-Time Homebuyers in
$276,232 Avg. Loan Amount Purchased/Refinanced with PMI in
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Georgia
68,941 Homeowners Helped in 2020
54% First-Time Homebuyers in
$273,799 Avg. Loan Amount Purchased/Refinanced with PMI in
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
54% First-Time Homebuyers in
$273,799 Avg. Loan Amount Purchased/Refinanced with PMI in
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Hawaii
3,835 Homeowners Helped in 2020
65% First-Time Homebuyers in
$493,283 Avg. Loan Amount Purchased/Refinanced with PMI in
37 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
65% First-Time Homebuyers in
$493,283 Avg. Loan Amount Purchased/Refinanced with PMI in
37 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
Idaho
14,119 Homeowners Helped in 2020
51% First-Time Homebuyers in
$289,459 Avg. Loan Amount Purchased/Refinanced with PMI in
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
51% First-Time Homebuyers in
$289,459 Avg. Loan Amount Purchased/Refinanced with PMI in
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Illinois
93,976 Homeowners Helped in 2020
64% First-Time Homebuyers in
$241,492 Avg. Loan Amount Purchased/Refinanced with PMI in
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
64% First-Time Homebuyers in
$241,492 Avg. Loan Amount Purchased/Refinanced with PMI in
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Indiana
48,689 Homeowners Helped in 2020
55% First-Time Homebuyers in
$209,291 Avg. Loan Amount Purchased/Refinanced with PMI in
16 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
55% First-Time Homebuyers in
$209,291 Avg. Loan Amount Purchased/Refinanced with PMI in
16 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Iowa
23,264 Homeowners Helped in 2020
57% First-Time Homebuyers in
$202,949 Avg. Loan Amount Purchased/Refinanced with PMI in
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
57% First-Time Homebuyers in
$202,949 Avg. Loan Amount Purchased/Refinanced with PMI in
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Kansas
18,820 Homeowners Helped in 2020
53% First-Time Homebuyers in
$221,407 Avg. Loan Amount Purchased/Refinanced with PMI in
19 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
53% First-Time Homebuyers in
$221,407 Avg. Loan Amount Purchased/Refinanced with PMI in
19 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Kentucky
22,790 Homeowners Helped in 2020
52% First-Time Homebuyers in
$215,300 Avg. Loan Amount Purchased/Refinanced with PMI in
19 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
52% First-Time Homebuyers in
$215,300 Avg. Loan Amount Purchased/Refinanced with PMI in
19 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Louisiana
21,587 Homeowners Helped in 2020
48% First-Time Homebuyers in
$247,831 Avg. Loan Amount Purchased/Refinanced with PMI in
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
48% First-Time Homebuyers in
$247,831 Avg. Loan Amount Purchased/Refinanced with PMI in
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Maine
6,380 Homeowners Helped in 2020
50% First-Time Homebuyers in
$258,955 Avg. Loan Amount Purchased/Refinanced with PMI in
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
50% First-Time Homebuyers in
$258,955 Avg. Loan Amount Purchased/Refinanced with PMI in
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Maryland
54,098 Homeowners Helped in 2020
61% First-Time Homebuyers in
$340,174 Avg. Loan Amount Purchased/Refinanced with PMI in
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
61% First-Time Homebuyers in
$340,174 Avg. Loan Amount Purchased/Refinanced with PMI in
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Massachusetts
35,426 Homeowners Helped in 2020
71% First-Time Homebuyers in
$372,637 Avg. Loan Amount Purchased/Refinanced with PMI in
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
71% First-Time Homebuyers in
$372,637 Avg. Loan Amount Purchased/Refinanced with PMI in
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Michigan
72,646 Homeowners Helped in 2020
59% First-Time Homebuyers in
$216,444 Avg. Loan Amount Purchased/Refinanced with PMI in
15 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
59% First-Time Homebuyers in
$216,444 Avg. Loan Amount Purchased/Refinanced with PMI in
15 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
Minnesota
55,658 Homeowners Helped in 2020
61% First-Time Homebuyers in
$266,371 Avg. Loan Amount Purchased/Refinanced with PMI in
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
61% First-Time Homebuyers in
$266,371 Avg. Loan Amount Purchased/Refinanced with PMI in
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Mississippi
9,563 Homeowners Helped in 2020
41% First-Time Homebuyers in
$226,949 Avg. Loan Amount Purchased/Refinanced with PMI in
27 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
41% First-Time Homebuyers in
$226,949 Avg. Loan Amount Purchased/Refinanced with PMI in
27 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Missouri
44,629 Homeowners Helped in 2020
51% First-Time Homebuyers in
$223,561 Avg. Loan Amount Purchased/Refinanced with PMI in
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
51% First-Time Homebuyers in
$223,561 Avg. Loan Amount Purchased/Refinanced with PMI in
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Montana
6,912 Homeowners Helped in 2020
52% First-Time Homebuyers in
$279,504 Avg. Loan Amount Purchased/Refinanced with PMI in
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
52% First-Time Homebuyers in
$279,504 Avg. Loan Amount Purchased/Refinanced with PMI in
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Nebraska
14,401 Homeowners Helped in 2020
60% First-Time Homebuyers in
$216,421 Avg. Loan Amount Purchased/Refinanced with PMI in
15 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
60% First-Time Homebuyers in
$216,421 Avg. Loan Amount Purchased/Refinanced with PMI in
15 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
Nevada
23,723 Homeowners Helped in 2020
57% First-Time Homebuyers in
$311,592 Avg. Loan Amount Purchased/Refinanced with PMI in
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
57% First-Time Homebuyers in
$311,592 Avg. Loan Amount Purchased/Refinanced with PMI in
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
New Hampshire
9,529 Homeowners Helped in 2020
59% First-Time Homebuyers in
$295,813 Avg. Loan Amount Purchased/Refinanced with PMI in
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
59% First-Time Homebuyers in
$295,813 Avg. Loan Amount Purchased/Refinanced with PMI in
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
New Jersey
50,324 Homeowners Helped in 2020
67% First-Time Homebuyers in
$338,293 Avg. Loan Amount Purchased/Refinanced with PMI in
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
67% First-Time Homebuyers in
$338,293 Avg. Loan Amount Purchased/Refinanced with PMI in
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
New Mexico
10,533 Homeowners Helped in 2020
53% First-Time Homebuyers in
$243,160 Avg. Loan Amount Purchased/Refinanced with PMI in
42 Years to Save for 20% Down payment VS 15 Years for 5% Down Payment
53% First-Time Homebuyers in
$243,160 Avg. Loan Amount Purchased/Refinanced with PMI in
42 Years to Save for 20% Down payment VS 15 Years for 5% Down Payment
New York
44,464 Homeowners Helped in 2020
69% First-Time Homebuyers in
$308,069 Avg. Loan Amount Purchased/Refinanced with PMI in
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
69% First-Time Homebuyers in
$308,069 Avg. Loan Amount Purchased/Refinanced with PMI in
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
North Carolina
72,537 Homeowners Helped in 2020
51% First-Time Homebuyers in
$269,677 Avg. Loan Amount Purchased/Refinanced with PMI in
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
51% First-Time Homebuyers in
$269,677 Avg. Loan Amount Purchased/Refinanced with PMI in
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
North Dakota
5,235 Homeowners Helped in 2020
53% First-Time Homebuyers in
$246,646 Avg. Loan Amount Purchased/Refinanced with PMI in
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
53% First-Time Homebuyers in
$246,646 Avg. Loan Amount Purchased/Refinanced with PMI in
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Ohio
72,029 Homeowners Helped in 2020
60% First-Time Homebuyers in
$205,239 Avg. Loan Amount Purchased/Refinanced with PMI in
15 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
60% First-Time Homebuyers in
$205,239 Avg. Loan Amount Purchased/Refinanced with PMI in
15 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
Oklahoma
20,024 Homeowners Helped in 2020
43% First-Time Homebuyers in
$222,538 Avg. Loan Amount Purchased/Refinanced with PMI in
16 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
43% First-Time Homebuyers in
$222,538 Avg. Loan Amount Purchased/Refinanced with PMI in
16 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Oregon
30,477 Homeowners Helped in 2020
63% First-Time Homebuyers in
$343,124 Avg. Loan Amount Purchased/Refinanced with PMI in
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
63% First-Time Homebuyers in
$343,124 Avg. Loan Amount Purchased/Refinanced with PMI in
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Pennsylvania
65,514 Homeowners Helped in 2020
61% First-Time Homebuyers in
$249,351 Avg. Loan Amount Purchased/Refinanced with PMI in
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
61% First-Time Homebuyers in
$249,351 Avg. Loan Amount Purchased/Refinanced with PMI in
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Rhode Island
5,963 Homeowners Helped in 2020
64% First-Time Homebuyers in
$286,352 Avg. Loan Amount Purchased/Refinanced with PMI in
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
64% First-Time Homebuyers in
$286,352 Avg. Loan Amount Purchased/Refinanced with PMI in
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
South Carolina
36,152 Homeowners Helped in 2020
46% First-Time Homebuyers in
$249,670 Avg. Loan Amount Purchased/Refinanced with PMI in
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
46% First-Time Homebuyers in
$249,670 Avg. Loan Amount Purchased/Refinanced with PMI in
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
South Dakota
6,548 Homeowners Helped in 2020
51% First-Time Homebuyers in
$231,592 Avg. Loan Amount Purchased/Refinanced with PMI in
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
51% First-Time Homebuyers in
$231,592 Avg. Loan Amount Purchased/Refinanced with PMI in
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Tennessee
41,547 Homeowners Helped in 2020
48% First-Time Homebuyers in
$273,423 Avg. Loan Amount Purchased/Refinanced with PMI in
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
48% First-Time Homebuyers in
$273,423 Avg. Loan Amount Purchased/Refinanced with PMI in
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Texas
164,737 Homeowners Helped in 2020
58% First-Time Homebuyers in
$276,356 Avg. Loan Amount Purchased/Refinanced with PMI in
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
58% First-Time Homebuyers in
$276,356 Avg. Loan Amount Purchased/Refinanced with PMI in
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Utah
37,274 Homeowners Helped in 2020
55% First-Time Homebuyers in
$330,892 Avg. Loan Amount Purchased/Refinanced with PMI in
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
55% First-Time Homebuyers in
$330,892 Avg. Loan Amount Purchased/Refinanced with PMI in
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Vermont
2,691 Homeowners Helped in 2020
52% First-Time Homebuyers in
$254,825 Avg. Loan Amount Purchased/Refinanced with PMI in
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
52% First-Time Homebuyers in
$254,825 Avg. Loan Amount Purchased/Refinanced with PMI in
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Virginia
65,393 Homeowners Helped in 2020
57% First-Time Homebuyers in
$343,029 Avg. Loan Amount Purchased/Refinanced with PMI in
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
57% First-Time Homebuyers in
$343,029 Avg. Loan Amount Purchased/Refinanced with PMI in
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Washington
53,767 Homeowners Helped in 2020
65% First-Time Homebuyers in
$396,092 Avg. Loan Amount Purchased/Refinanced with PMI in
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
65% First-Time Homebuyers in
$396,092 Avg. Loan Amount Purchased/Refinanced with PMI in
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
West Virginia
5,931 Homeowners Helped in 2020
50% First-Time Homebuyers in
$206,500 Avg. Loan Amount Purchased/Refinanced with PMI in
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
50% First-Time Homebuyers in
$206,500 Avg. Loan Amount Purchased/Refinanced with PMI in
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Wisconsin
44,761 Homeowners Helped in 2020
62% First-Time Homebuyers in
$222,851 Avg. Loan Amount Purchased/Refinanced with PMI in
16 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
62% First-Time Homebuyers in
$222,851 Avg. Loan Amount Purchased/Refinanced with PMI in
16 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Wyoming
3,844 Homeowners Helped in 2020
42% First-Time Homebuyers in
$264,485 Avg. Loan Amount Purchased/Refinanced with PMI in
14 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
42% First-Time Homebuyers in
$264,485 Avg. Loan Amount Purchased/Refinanced with PMI in
14 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
