By Kathryn Vasel | CNN Money
If you’re looking to buy a home but don’t have the 20% down payment sitting around, Bank of America is now offering mortgages with as little as 3% down.
The new loan program is aimed at helping low- and moderate- income borrowers get home loans for up to $417,000.
To qualify, borrowers can’t make more than the median income for their area and need a credit score of at least 660. And the home must be the applicant’s primary residence.