Banks offering mortgages with only 5% down payments

Posted by Bonnie Martin Designated Broker on Tuesday, November 5th, 2013 at 7:04pm.

interest__max5128_450money.cnn.com - Good news for homebuyers who don't have a lot of cash on hand: Banks are offering loans with down payments of just 5%.

After the housing bubble burst, buyers needed to come to the table with as much as 20% down or they had to turn to the Federal Housing Administration for a low down-payment loan.

But now banks like TD Bank, Bank of America, and Wells Fargo are loosening the purse strings, offering loans with down payments that are as low as 5%.

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