Down payments have been dipping over the past couple of months and now, some companies are looking for ways to help buyers attain a loan, despite lacking the proper down payment needed.
"This Vermont housing group had a problem: Many prospective homebuyers in its region could afford a monthly mortgage payment, but they lacked the down payment," according to National Mortgage News.
"So the nonprofit NeighborWorks of Western Vermont approached TD Bank with an idea: Lend it the money to fund a program that helps creditworthy borrowers come up with down payments to buy homes."
According to the report, the TD Bank loan would be paid in 10 years, it would up the company's presence in the affordable housing market and strengthen the relationship between the company and the nonprofit organization involve.
To learn more about how this could help buyers who are coming up short on a down-payment, click on the image above.