I purchased my first home in 1991 with three percent down and an FHA loan. If I remember correctly, I was happy to lock into a rate of around 7% at that time. I was no millionaire by any stretch of the imagination. I was in the title industry (on the low end of the totem pole).
I think we're headed back to the days when those just starting out need to save a few bucks and pay PMI for a while. Once they establish their credit and earn some equity, they will enjoy better terms.
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