In Brief: Mortgage Insurer Joins Cleveland Loan Effort

PMI Mortgage Insurance Co. has joined Neighborhood Housing Services of Cleveland Inc. to offer low-down-payment mortgages to low- and moderate-income homebuyers in the Ohio city.

Borrowers may contribute as little as 2% of the home purchase price from their own funds.

Oakland, Calif.-based Neighborhood Housing Services of America Inc. will buy $100 million of home loans. PMI will insure them.

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