Activity in the housing market has improved with the weather over the past month, but housing affordability has become less attractive, especially on the east coast, as home prices continue to outpace income growth, says Malcolm Hollensteiner, Director of Retail Lending Sales and Production at TD Bank. To improve affordability, TD recently introduced the Right Step mortgage program which allows qualified borrowers to obtain financing for as little as 3% down without private mortgage insurance. Hollensteiner says the traditional first-time homebuyer must play a larger role for a full housing recovery.
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