I got the following email from one of our most pro-active lenders/ investors today indicating that ALL mortgage insurance companies are pulling back from insuring 100% loans beginning April 1st of this year-
After March 31st, no MI Company…. not MGIC, PMI, RMIC, Radian, UG or Triad… no MI Company will insure loans above 97% LTV. Many lenders have already pulled the trigger and implemented the changes…
If lenders are unable to get insurance to cover the loans then 100% financing will no longer exist. At this point it looks like 97% financing will be the maximum that we'll be able to offer after April 1st. If there are folks out there looking at buying a home that were planning on doing 100% financing I would recommend sharing this with them.
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