Banks Rush to Offer 3% Down Payment Loans

As some banks veer away from Federal Housing Administration loans, they’re offering their own low down payment mortgages to appeal to home buyers struggling to save enough to buy a home.  Wells Fargo lead the way last week with the debut of its 3 percent down payment loan.  JP Morgan Chase also is offering a 3 percent down payment program for buyers with a FICO score of at least 680.  Other banks are following suit with their own low down payment loan programs.

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