Home Loans With 5% Down
A growing number of banks are now offering home loans with just 5 percent down, CNNMoney reports. Bank of America, Wells Fargo, and TD Bank are among the banks reportedly offering mortgages with some down payments as low as 5 percent.
For the last few years, buyers have had difficulty in landing a home loan if they did not have a 20 percent down payment, unless they turned to the FHA low down-payment loans. 
TD Bank is offering a “Right Step” loan product that allows borrowers to get a loan with a 5 percent down payment while also allowing borrowers to get up to 2 percent of the sales price as a gift from a relative or third party. Borrowers would only need to come up with a 3 percent down payment themselves.
Banks that are offering 5-percent down payment loans are requiring borrowers to purchase private mortgage insurance. Borrowers will have to keep PMI until they build up 20 percent equity in the home.
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Source: CNN Money 11/05/2013
