Credit markets have been gradually thawing, but the qualifications to get a mortgage have remained relatively constant. However, there has been extensive coverage suggesting that the standard 20% down payment requirement may be loosening. In fact, three banks in particular — Bank of America , Wells Fargo , and Toronto-Dominion Bank — are all offering loans with down payments as low as 5%, and some can even come from gift funds.
How New Loan Programs Could Impact the Housing Market
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