TD bank Right Step Program

[MYFYI]

Is anyone familiar with TD Banks right step program

I know you have to be in a certain area and you can put 3% down with no PMI

but I was wondering if anyone has used this program and how they feel about it

[Anonymous]

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@MYFYI wrote:

Is anyone familiar with TD Banks right step program

I know you have to be in a certain area and you can put 3% down with no PMI

but I was wondering if anyone has used this program and how they feel about it

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@MYFYI,

I have never even heard of it.  But hopefully, ShaneTheMortgageLoanGuy can perhaps chime in...

[Anonymous]

Hey I just met with someone from TD Bank the other day to find out more about this program. It seems legit, but I find it very odd that I can not find more details online and they didn't have any brochures/literature to give me while at the bank. Maybe they just don't advertise it too much because they make more $$ off of their traditional mortgage options?

Here are a couple of highlights that I have been able to find (these may not be 100% accurate):

- only have to put down 3.5%

- no PMI

- rate will be lower than their traditional mortgage options

- can still buy points to lower rate if you desire

- sounds like there is no option for lesser terms (15yr, 20yr, etc)

- there are income restrictions based on what county you are looking to buy in

- closing costs look to be higher than average

I would suggest doing what I did and go to a TD Bank and speak with someone there. And please reply back if you get any additional info, and I will do the same.

[aymst1]

The person I spoke with said there is no pre-approval. You would have to be in contract on a house to go through the process? Did not make sense to me because I thought sellers wanted to see a pre approval letter. Won't bother with them.