Bank of America will offer mortgages for 3% down

mortgages

mortgagesBy 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.

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