The death of 100% mortgages

We got an email today stating that after March 1, the PMI company will no longer insure over 97.01%.. What that means to the consumer is the only way you can get an 100% mortgage is if you can find a company to do a 80% first and a 20% second (80/20 loan). That is not likely in our market right now. Very few if any banks are doing a 100% loans any more. So if you are thinking of buying a home this year, start saving money. You will either need to borrow 3% from a relative or have 3% of the purchase price in your savings account. FHA loans may become very popular. For more on credit scores, mortgages, buying foreclosures, FSBO's, negotiating tips, and Michigan real estate go to my website www.RussRavary.com