Banks offering mortgages with only 5% down payments

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By Les Christie  @CNNMoney November 5, 2013: 11:02 AM ET

NEW YORK (CNNMoney)

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 (BAC,Fortune 500), and Wells Fargo (WFCFortune 500)are loosening the purse strings, offering loans with down payments that are as low as 5%.

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