Non-agency products start to find their way back into the market . . .
". . .
While standards remain tight by historical measures, lenders have started to accept lower credit scores and to reduce down-payment requirements.
One such lender is TD Bank, Toronto-Dominion Bank's TD.T +0.25% U.S. unit, which on Friday began accepting down payments as low as 3% through an initiative called "Right Step," geared toward first-time buyers and low- and moderate-income buyers. TD initially launched the program last year with a 5% down payment. It keeps the product on its books and doesn't charge for insurance. Borrowers also don't need to put down any of their own cash if a family, state or nonprofit group provides a down-payment gift.
. . . "