Good news for homebuyers without a lot of cash for down payment

MGN Online Photo credit: Unicorn Property Investments
Tuesday, November 5, 2013 - 11:22am

There's good news for homebuyers who don't have a lot of cash on hand. Some banks are offering loans with down payments of just five percent.

After the housing bubble burst, buyers needed to come to the table with as much as 20 percent 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 five percent.

Analysts say banks are taking advantage of a growing market as home sales pick back up, and more potential buyers enter the market.

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